Shares in the company were up 5 per cent in mid-morning trade, taking a year-to-date drop to 13 per cent .Sweden-based Volvo Cars said on Thursday its sales volumes rose 1 per cent in September from a year earlier, the first increase since February, sending its shares up.
Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement it sold 63,212 cars in September.
It said sales volumes in its biggest market Europe were up 1 per cent . In the United States, they were up 3 per cent .
Carmakers are scrambling to rethink production strategies to contend with U.S. President Donald Trump’s import duties on foreign cars, part of his wider policy to boost domestic manufacturing.
Volvo Cars said last month it would begin producing a new hybrid model in the United States this decade as it continues to adjust to Trump’s tariff policies.
It said on Thursday group sales volumes in September of fully electric cars fell 3 per cent . Sales of electrified cars as a whole, also including plug-in hybrids, were down 2 per cent .
Shares in the company were up 5 per cent in mid-morning trade, taking a year-to-date drop to 13 per cent .
