Volvo Cars sales fall 10% in March as fully electric sales dive

STOCKHOLM: Volvo Cars sold 70,737 cars in March, down 10% from a year earlier as sales of fully electric cars tumbled, the Sweden-based company said on Wednesday, sending its shares down.

Volvo Cars, which is majority-owned by China’s Geely, said in a statement sales in Europe were down 9% while in the United States and China they were down 8% and 22%, respectively.

Sales of fully electric cars fell 26% to account for 19% of total sales, while sales of electrified cars as a whole, also including plug-in hybrids, were down 9% to 43% of total sales.

Truckmaker Volvo’s Q4 profit falls more than expected, raises dividend

Volvo Cars announced on Sunday it had brought back former CEO Hakan Samuelsson to head the company for the next two years at a turbulent time marked by mounting tariff pressures, replacing Jim Rowan who has run the group since 2022.

Its shares were down 2% at 0725 GMT, taking a year-to-date drop to 24% and underperforming the wider market in Stockholm.