Volvo Car AB Reports Sales Rose in October

Volvo Car AB of Sweden reported sales grew 7% year-over-year in October to 54,317 vehicles.

The company reported demand remains robust, especially for electric and plug-in hybrid models.

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding, reported fully electric vehicles account for 15% of its sales. Recharge models, including those not fully electric, comprised 37% of total sales.

Volvo Car AB reported a drop in quarterly operating profit a week ago because of higher component and materials costs and slightly lower wholesale volumes in 2022 than in 2021.