© Reuters. People look on during the reveal event of the Volvo EX30 electric SUV vehicle in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/file photo
COPENHAGEN (Reuters) -Volvo Cars’ sales fell 2% in February from a year earlier to 50,315 cars, the Sweden-based group said on Tuesday, pointing to the timing of the Lunar New Year in China as an explanation for the decline.
Volvo (OTC:) Cars, majority-owned by China’s Geely Holding, said in a statement sales of fully electric cars were up 14% in total, and accounted for 22% of all sales globally in the month.
In China, sales were down 39% compared to the same month last year, due to the timing of the Lunar New Year, which mainly took place in February, according to Volvo Cars.
Sales in Europe grew 26%, with sales of fully electric cars increasing 31% from a year ago. In the United States, sales fell 7%, with sales of fully electric cars declining by 63%.
Shares in Volvo Cars were down 2.3% by 0814 GMT.
