Business

Volvo's Q1 Full-EV Sales Rose 14% in Challenging Market
By Reuters | 05 May, 2026

The Swedish carmaker continues to see weak sales in China but enjoyed growth in Europe where EVs and hybrids now make up 48% of sales.

Sweden-based Volvo Cars sold 162,864 cars in the three months through April, down 10% from the same period a year earlier, it said on Tuesday.

• China sales remained weak amid competitive and macro pressures, while U.S. deliveries continued to face softer customer sentiment, slower electrified car demand and SUV pricing pressure.

• Sales of electrified models, including fully electric and plug-in hybrid cars, accounted for 48% of cars sold in the period.

• Fully electric car sales rose 14% to 39,235 vehicles, making up 24% of total sales, while plug-in hybrid sales fell 12%.

• "The automotive industry continues to face challenging market conditions which are reflected in the sales performance for the three-month period ending April 2026," it said.

• Order pace in Europe, the company's largest region, remained resilient, led by fully electric cars.

• The company said deliveries of fully electric cars had grown for seven consecutive months, driven by the EX30 and EX40 models.

(Reporting by Louise Rasmussen and Jesus Calero, editing by Terje Solsvik)