Volvo Cars’ sales fell by 5% year-on-year in January to 50,820 cars, the Sweden-based automaker said on Tuesday, adding that the decrease was largely due to the timing of the Chinese New Year.
Volvo Cars, which is majority-owned by China’s Geely Holding, said the number of electrified cars, including fully electric and plug-in hybrid vehicles, was up by 17% from last year and accounted for 44% of its total sales.
Shares in the company fell 2.61% by 0810 GMT, underperforming a 0.6% drop in Stockholm’s benchmark index.
