Volvo Cars reports 22% decline in sales in March; electrified models rise 36%

Volvo Cars has registered a 22.1% decline in global vehicle sales in the month of March at 58,677 units despite seeing an increase in customer demand. During the first quarter, the number of cars sold by the company increased gradually to a total of 148,295 units as the supply chain constraints continued to slowly ease. However, due to the latest disturbances related to lack of a specific semi-conductor, the company's second quarter production is expected to be temporarily affected.

The company's March sales was made up 35.5 per cent of its Recharge models whereas sales of fully electric cars made up 9 per cent of total sales. In the first quarter, Recharge sales made up 33.6 per cent of total sales, while fully electric cars made up 7.9 per cent.

The auto maker's sales in China declined by 22.6 per cent to 12,378 cars in March while in the first quarter, it sold 35,698 cars in China, a decline of 21.1 per cent compared with the same period last year. In Europe, Volvo Cars' sales in March fell 30.4 per cent to 26,954 cars, with Recharge models making up more than half of total European sales during the month. Whereas in the first quarter, Volvo Cars sold 65,157 cars in Europe, down 25.6 per cent compared with the same period last year.

In the US, sales reached 9,428 cars in March, down 5.0 per cent compared with the same month last year. In the first quarter of the year, Volvo Cars sold 22,757 cars in the US, down 16.5 per cent compared with the same period last year.

Volvo XC60 became the company’s top selling model in March with 16,855 cars sold, followed by the XC40 with 17,584 cars and the XC90 with sales of 9,141 cars.

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