In a statement released on Wednesday, Volvo Cars, majority-owned by China's Geely Holding, expressed satisfaction with the sales figures and reiterated their commitment to achieving a sales growth target of at least 15% by 2024. Despite the overall positive trend, sales in the United States and China experienced a slight decline of 5% and 1%, respectively.
The company's shares responded positively to the news, rising by 1.9% by 0755 GMT. Looking ahead, Volvo Cars has set ambitious goals for its electric vehicle sales, aiming for them to represent half of its total sales volume by the mid-decade and ultimately transitioning to sell only electric vehicles by 2030.
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