Volvo Cars February sales volume down 2% year-on-year (updated)

Volvo Car AB

05/03/2024 08:07

(Adds detail on sales in paragraph 3-4, share reaction in
paragraph 5)
       COPENHAGEN, March 5 (Reuters) - Volvo Cars'  VOLCARb.ST 
sales fell 2% in February from a year earlier to 50,315 cars,
the Sweden-based group said on Tuesday, pointing to the timing
of the Lunar New Year in China as an explanation for the
decline.
    Volvo Cars, majority-owned by China's Geely Holding
 0175.HK , said in a statement sales of fully electric cars were
up 14% in total, and accounted for 22% of all sales globally in
the month.
        In China, sales were down 39% compared to the same month
last year, due to the timing of the Lunar New Year, which mainly
took place in February, according to Volvo Cars.
  
        Sales in Europe grew 26%, with sales of fully electric
cars increasing 31% from a year ago. In the United States, sales
fell 7%, with sales of fully electric cars declining by 63%.
  
        Shares in Volvo Cars were down 2.3% by 0814 GMT.

 (Reporting by Louise Breusch Rasmussen, editing by Terje
Solsvik)