"November's sales figures highlight the ongoing structural and transformational challenges affecting both Volvo Cars and the broader industry," said Erik Severinson, Chief Commercial Officer. "Despite a decline in overall sales, we are encouraged by the growth in sales of our fully electric cars and accelerated deliveries of the new XC70 long-range plug-in hybrid in China which continues to expand our position in the rapidly growing electrified segment. However, sales in the U.S. continue to remain subdued post phase-out of EV tax credits."

The company's sales of electrified models - fully electric and plug-in hybrid models accounted for 50 per cent of all cars sold during November. Fully electric cars comprised 24 per cent of all cars sold for the month, while the share of plug-in hybrid models accounted for 26 per cent.

In November, the XC60 was the top-selling model with sales of 16,267 cars (2024: 21,586), followed by the XC40/EX40, with total sales of 13,965 cars (2024: 14,613) and the XC90 at 8,304 cars (2024: 10,533).