It looks like sales of electric vehicles are really taking off.
Volvo Cars,
the Swedish automaker majority-owned by China’s
Geely
(ticker: 0175.HK), said sales of its fully electric models jumped 346% in June from a year earlier. That powered a 33% gain in the company’s overall sales last month, it said in a statement Wednesday.
The news follows Chinese EV maker
BYD’s
(1211.HK) report earlier this week that sales in the second quarter almost doubled from last year. Similarly,
Tesla
(TSLA) also nearly doubled output to deliver a record number of vehicles in the April-June period.
Volvo’s biggest market is in Europe, whereas Tesla and BYD are the leaders in China, the biggest market for EVs in the world. Volvo reported that China sales–both EVs and gasoline vehicles–slipped 7% in June from a year earlier, while sales in the U.S. gained.
European sales for Volvo’s fully electric range climbed more than 500% in June, it said. Volvo plans to only make electric cars by 2030.
Write to Brian Swint at [email protected]
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