Volvo Cars’ August sales drop 9%

Volvo Cars sold 48,029 vehicles in August, a 9% decline compared to the same month last year, the Sweden-based company reported Thursday.

Sales of fully electric cars fell 28%, making up 20% of total sales. Electrified vehicles overall, including plug-in hybrids, dropped 17% and accounted for 43% of total sales, News.Az reports, citing Reuters.

Volvo, majority-owned by China’s Geely, previously reported a sharp drop in quarterly profits, citing soft demand, volatile consumer confidence, and new tariffs as ongoing challenges for the auto industry.

News.Az