Volvo Cars reports 31% YoY sales increase in May

Volvo Cars (VOLCARb), majority-owned by China’s Geely, on Monday reported a 31% year-on-year surge in its sales for May to 60,398 vehicles.

Sales in Europe went up 40% YoY, those in China grew 49% YoY, while sales in the United States were up 14% YoY, the company said.

As the auto maker has started to recover from an arduous 2022, it has seen a consistent sales growth over the past few months.

Yet, similar to other automotive companies, Volvo Cars has been struggling with rising costs.

Last month, the company also said production of its fully electric SUV had been postponed until 2024 for more software development and testing.

The Volvo EX90 was unveiled late in 2022.

The shares of Volvo Car Group closed 6.87% (SEK 2.76) higher at SEK 42.92 in Stockholm on Monday, while extending the gains from the previous two market sessions.

The auto maker’s total market cap now stands at SEK 127.881 billion.

The shares of Volvo Car Group have retreated 9.41% so far this year, following another 38.48% loss in 2022.