28/01/2021

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Volvo Cars reports record second half sales | Automotive Industry News

Geely’s Volvo Autos declared history 2nd fifty percent 2020 income as quickly-expanding demand for electrified...

Geely’s Volvo Autos declared history 2nd fifty percent 2020 income as quickly-expanding demand for electrified vehicles boosted the company’s recovery from the affect of the COVID-19 pandemic.

The business said it had “acted decisively” to mitigate the result of the pandemic during the initial fifty percent of the 12 months, allowing it to speedily restart its operations following a short shutdown and embark on a potent recovery, helped by quickly-expanding demand for its Recharge line.

The share of those people types, completely electric powered or plug-in hybrids, additional than doubled in 2020 as opposed with 2019. In Europe, their share was 29%, earning Volvo the claimed main manufacturer in the area for chargeable vehicles. It was a claimed main plug-in hybrid manufacturer in the US.

In China and the US, its two largest particular person marketplaces, the business documented expanding income for the whole 12 months as it managed to additional than recover a pandemic related income fall in the initial fifty percent during the 2nd fifty percent of the 12 months.

“We had a wonderful 2nd fifty percent of the 12 months following a hard begin, gaining marketplace share in all our key income areas,” said Lex Kerssemakers, head of international commercial operations. “We goal to develop on this positive pattern in 2021 as we proceed to roll out new electrified types and extend our on the web business enterprise.”

When income dropped by 21% in the initial fifty percent of the 12 months, the business resumed advancement of latest years in the 2nd fifty percent of 2020, reporting good thirty day period on thirty day period advancement from June. Sales rose by seven.4% to 391,751 vehicles in the 2nd fifty percent of the 12 months as opposed with the exact period in 2019.

Globally, Volvo Autos sold 661,713 vehicles in 2020, a drop of 6.two% as opposed to 2019. Whilst ultimate quantities for the whole 12 months are nonetheless to be confirmed, the business claimed to have outperformed its rivals and attained marketplace share in all its key income areas during the initial eleven months of the 12 months.

Sales rose by seven.5% in China in 2020 as opposed with 2019, to 166,617 vehicles. In the US, the business sold a hundred and ten,129 vehicles, a 1.eight% raise as opposed with the 12 months in advance of. In each marketplaces, potent demand for the SUV line was liable for the vast majority of income quantity.

In Europe, Volvo Autos saw potent demand for its Recharge vehicles in lots of important marketplaces. A sluggish over-all marketplace, held down by pandemic related limits, meant that over-all income fell by 15.5% for the total 12 months.

The pandemic also accelerated the company’s transfer in the direction of on the web income, which will proceed to be a target spot in 2021. In 2020, Volvo Autos additional than doubled its amount of subscriptions sold on the web as opposed to 2019. Conquest fees by way of this channel continued to be high, supporting the raise in marketplace share.

For the duration of the 12 months, the XC60 was the top rated-marketing design, with total income of 191,696 vehicles (2019: 204,965), followed by the XC40 with 185,406 (2019: 139,847) and the XC90 with 92,458 (2019: a hundred,729).