Sweden-based Volvo Cars has today reported a slump in November sales, continuing a decline this year amid pressure from trade tariffs and subdued demand in the US.
Volvo Cars, which is majority-owned by China's Geely Holding, said in a statement it sold 60,244 cars in November, a 10% drop from a year earlier, taking its year-to-date volume decline to 8%.
"November's sales figures highlight the ongoing structural and transformational challenges affecting both Volvo Cars and the broader industry," Chief Commercial Officer Erik Severinson said in a statement.
The group, which is targeting a long-term operating profit margin of more than 8% as part of a recent strategy overhaul, said sales of fully electric cars rose 4% year-on-year to account for 24% of the overall volume.
Sales of electrified cars as a whole, also including plug-in hybrids, were down 5% toaccount for 50% of total sales volumes.
Volvo Cars did not provide a regional breakdown of demand, but said US sales remained subdued following the country's phase-out of electric vehicle tax credits.
Shares in the company are up almost 35% year-to-date.
