STOCKHOLM, April 2 (Reuters) - Sweden-based Volvo Cars sold 153,316 cars in the three months through March, down 11% from the same quarter a year earlier, it said on Thursday. (Reporting by Anna
Volvo Cars Q1 sales volumes fall 11% as Iran war worsens slide
Volvo Cars Reports Decline in Q1 Sales Amid Global Challenges
(Refiles to remove extraneous word in paragraph 1)
STOCKHOLM, April 2 (Reuters) - Sweden-based Volvo Cars sold 153,316 cars in the three months through March, down 11% from the same quarter a year earlier as the Iran war worsened already tough market conditions, it said on Thursday.
Regional Performance and Market Impact
-
Americas Region Sees Significant Drop
Volvo Cars, which is majority-owned by China's GeelyHolding, said in a statement volumes in the Americas region fell 28% due to weak customer sentiment, made worse by the conflict in the Middle East.
-
Electric Vehicle Sales Buck the Trend
It said volumes for fully electric models increased 12% to account for 24% of all cars sold.
Industry Challenges and Outlook
Persistent Global Issues
"Sales figures from the first quarter continue to illustrate the persistent challenges facing the automotive industry globally, in the form of continued pricing pressure, uncertain geopolitics, tariffs and adverse regulatory changes," it said.
Electric Vehicles as Growth Drivers
“Fully electric cars remain the key growth driver for Volvo Cars and for the industry."
Market Reaction
Volvo Cars shares fell nearly 2% by 0718 GMT, taking a year-to-date drop to 30%
(Reporting by Anna Ringstrom, editing by Niklas Pollard)
