Geely's Volvo Cars sales soar 40% in May vs month-ago as coronavirus curbs ease

While still down 25.5% in May from a year earlier, the Swedish car maker sold 44,380 cars in the month compared to the 31,760 sold in April.
By : Reuters
| Updated on: 03 Jun 2020, 02:05 PM
Photo of a Volvo XC40 plug-in hybrid SUV. (Photo courtesy: Volvo)
Photo of a Volvo XC40 plug-in hybrid SUV. (Photo courtesy: Volvo)
Photo of a Volvo XC40 plug-in hybrid SUV. (Photo courtesy: Volvo)
Photo of a Volvo XC40 plug-in hybrid SUV. (Photo courtesy: Volvo)

Volvo Cars, owned by China's Geely Holding, said on Wednesday it sold 40% more cars in May than in April, as restrictions to contain the spread of the Covid-19 pandemic started to ease in several markets.

While still down 25.5% in May from a year earlier, the Swedish car maker sold 44,380 cars in the month compared to the 31,760 sold in April, helped by improving showroom traffic trends in Europe, a quicker than expected recovery in the United States, and strong growth in China.

(Also read: No need for speed: Volvo limits its cars to 180 kmph, introduces 'Care Key')

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Volvo said China sales grew 21.8% in May, while US sales inched down 2.5% year-on-year but bounced back strongly from April as states started to ease restrictions in place due to the pandemic.

Its sales in Europe fell around 50% in the month, still heavily impacted by restrictions in many countries, but Volvo said the region had shown signs of recovery compared with the previous month.

First Published Date: 03 Jun 2020, 02:05 PM IST
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