Volvo gets January sales boost from China, Sweden

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STOCKHOLM (Reuters) -- Volvo Car Corp.'s global vehicle sales rose 3 percent year-on-year in January as the carmaker racked up its seventh straight month of growth.

In a statement on Wednesday, the company said it sold 30,372 cars last month on the back of strong growth in China, where sales jumped 22 percent to 3,792 and Sweden, where deliveries were up 20 percent to 3,621.

That was enough to offset a 22 percent slide in the United States to 3,792, where sales are being crimped by a lack of new cutting-edge models, and a 5 percent decline in western Europe to 11,701.

Volvo, owned by China's Zhejiang Geely Holding Group Co., said that while sales in western Europe declined, the retail order situation was "extremely strong" and pointed to firmer sales in coming months.

Volvo is banking on a rapid expansion in No. 1 market China to lift it toward a target of roughly doubling annual sales to 800,000 cars by 2020.

Automotive News Europe contributed to this report

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