Refile: UPDATE 1-Volvo Cars Q1 sales volumes fall 11% as Iran war worsens slide

Volvo Car AB

02/04/2026 08:20

Refiles to remove extraneous word in paragraph 1

STOCKHOLM, April 2 (Reuters) - Sweden-based Volvo Cars VOLCARb.ST sold 153,316 cars in the three months through March, down 11% from the same quarter a year earlier as the Iran war worsened already tough market conditions, it said on Thursday.

Volvo Cars, which is majority-owned by China's Geely Holding, said in a statement volumes in the Americas region fell 28% due to weak customer sentiment, made worse by the conflict in the Middle East.

It said volumes for fully electric models increased 12% to account for 24% of all cars sold.

"Sales figures from the first quarter continue to illustrate the persistent challenges facing the automotive industry globally, in the form of continued pricing pressure, uncertain geopolitics, tariffs and adverse regulatory changes," it said.

“Fully electric cars remain the key growth driver for Volvo Cars and for the industry."

Volvo Cars shares fell nearly 2% by 0718 GMT, taking a year-to-date drop to 30%

 (Reporting by Anna Ringstrom, editing by Niklas Pollard)

 ((anna.ringstrom@thomsonreuters.com))