While Tesla just managed to get off the ball in the first quarter, the consequences of the corona virus at Volvo are already clearly noticeable in the quarterly results.
Volvo sold 131,889 cars in the first three months of 2020, 18.2 percent less than in the same period last year. The company blames the notorious virus for that sad result, and given the total lockdown the world economy is currently in, it seems the only logical way to go. For the full quarter, China recorded the largest decline at 30.5 percent. Europe follows with 18.5 percent, while the American branch had to do with 11.7 percent less.
The decline was greatest in March. With 46,395 Volvo cars sold, there was a whopping 31.2 percent less sales. In this month, Europe and the US surpass China as the biggest declines, mainly thanks to a recovery in the Asian country. The biggest blows occurred in the US and sales were down 42.7 percent. Europe slumped by 35 percent in March, while China saw the decline decline to 16.2 percent.
Amid all this bad news, the XC60 once again floated to the top as the best-selling model. If you still have doubts about the popularity of SUVs, you should let the following take effect: the XC40 and XC90 finished in second and third place respectively. Together, the three SUV models account for a whopping 67.9 percent of Volvo’s total. That means a significant increase, because the share of the SUV is now 60.3 percent larger than last year.
14.7 percent of Volvo’s sold worldwide carry a “Recharge” label. That has recently become the name under which the brand’s plug-in hybrids and EVs are concealed.