Sweden-based Volvo Car AB said on Friday its sales grew 12% year-on-year in November to 59,154 cars. "Overall underlying demand for the company's cars continues to remain robust, especially for its Recharge range of pure electric and plug-in hybrid cars," it said in a statement. The sales growth accelerated compared with October when it was 7%.
Volvo Cars' chief executive is confident the Swedish carmaker will deliver its new electric car by 2024 despite significant supply chain problems, he said on Wednesday. Despite short-term supply chain challenges that have complicated Volvo's transition to electric vehicles (EVs), CEO Jim Rowen told Reuters he believes the problems with parts and components that have hurt the industry are slowly coming to an end, including the global semiconductor chip shortage. The company presented the EX90, its newest EV in Stockholm on Wednesday and said it plans annual launches of new EVs.
Volvo Cars expects lower wholesale volumes this year after higher costs brought a fall in third-quarter operating profit, the Swedish automaker said on Thursday, prompting its share price to drop 6%. Volvo said it had been forced to make spot purchases of semiconductors to fill a production shortfall, with its operating profit hurt by logistics and raw material costs. Despite robust demand through the year, a global shortage of semiconductors has forced Volvo and its peers to curtail vehicle output.