Volvo on track to break another sales record this year

Swedish car maker Volvo, owned by Chinese group Geely, is on track for its fourth consecutive year of record sales, the automobile giant said as it released its November figures on Monday.

Volvo on track to break another sales record this year
Volvo's factory in Torslanda, Gothenburg. Photo: Thomas Johansson/TT

Volvo Cars said its November sales amounted to 51,738 cars, which meant sales grew by 6.1 percent compared to the same month last year.

So far this year, it has sold a total of 513,051 cars – an 8.3 percent increase on last year.

High demand in China is a major factor behind the growth. Sales in Volvo’s Chinese market increased 24 percent in November. Sales in the Asia Pacific region grew 17.6 percent year-on-year and the Americas saw a 6.8 percent increase, which was attributed to the XC90, new XC60 and S90.

“Strong demand for the new XC60, which was the best-selling model in November, and the 90-series cars continues to be an important factor in the company’s growth,” said Volvo in a statement.

The US had a slightly more modest increase, 1.7 percent year-on-year in November. In Sweden, sales decreased by 5.1 percent – however total sales in 2017 were up 6.6 percent on 2016.

Volvo Cars in July revealed plans to equip all new cars with an electric motor from 2019, making it the first of the world's traditional car makers to pull the plug on cars powered only by a combustion engine.

Last month it announced it had signed a deal with Uber to supply “tens of thousands” of self-driving cars to the ride-sharing company between 2019 and 2021.

Volvo Cars is owned by Chinese Geely Holding. It is headquartered in Torslanda, Gothenburg, and has a factory there as well as in Ghent, Belgium, and Chengdu, China.