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China-owned Volvo cars sees strong recovery in second half of 2020

Stockholm, Jan. 7, 2021 China-owned Volvo Cars said the company sold more than 660,000 cars in 2020 following a strong recovery in the second half of the year despite the coronavirus pandemic.

Preliminary figures said Volvo Cars sold 661,713 cars in 2020, down about 6 per cent compared to 2019.

In the January-to-June period, sales dropped by a fifth, but recovered in the second half, the carmaker said on Thursday.

In China, the world’s largest car market, it sold over 166,000 cars, up by 7.5 per cent on 2019.

In the United States, Volvo’s second-largest market, 2020 sales increased by almost 2 per cent year-on-year to about 110,000 cars.

Top-selling models were SUVs, including the XC60 and the XC40 series.

Volvo also cited strong demand for its electrified cars, both fully electric or plug-in hybrid models.

In Europe, the pandemic weighed heavily on sales, which fell by 15.5 per cent in 2020.

China-based Zhejiang Geely Holding Group took over ownership of the Swedish carmaker in 2010 from U.S. automotive giant Ford.

Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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