Volvo Cars’ sales fall 2% in October, says market remains challenging

COPENHAGEN (Reuters) -Volvo Cars sold 60,455 cars in October, down 2% compared to the same period last year, the Sweden-based company said on Tuesday.

“This month’s sales figures reflect the challenging market conditions that continue to impact our business,” Chief Commercial Officer Erik Severinson said in a statement.

“In the United States, the phase-out of EV (electric vehicle) tax credits is the driver of the softer figures for the month, which is impacting not only Volvo Cars but the automotive industry at large,” he said.

Volvo Cars, which is majority-owned by China’s Geely, said in a statement sales of fully electric cars rose 4% to account for 23% of total sales volumes. Sales of electrified cars as a whole, also including plug-in hybrids, were down 1% and accounted for 49% of total sales volumes.

(Reporting by Stine Jacobsen, editing by Terje Solsvik)