Volvo car sales rise 5% in June on robust China demand
STOCKHOLM (Reuters) -- Volvo's car sales rose 5 percent year-on-year in June, helped by strong gains in China, home to its owner Zhejiang Geely Holding Group.
Volvo said in a statement on Tuesday that it sold 43,132 cars in the month, boosted by growth of 30 percent in China, its No. 1 market, and 22 percent in Sweden, its traditional home market. This helped offset a 10 percent decline in the United States.
During the first six month of 2014, Volvo sold 229,013 cars, an increase of 10 percent over the same period last year.
"Sales at Volvo Cars have grown every month for a full calendar year as demand remains strong in key markets," the company said in the statement.
The automaker said June sales were boosted by a 10 percent rise in demand for its XC60 model, followed by rises of 21 percent for the V40 and V60 models respectively.
Volvo is banking on strong growth in China to reach its target of annual sales of 800,000 cars by 2020, nearly double the amount it sold in 2013.
Automotive News Europe contributed to this reportContact Automotive News