Volvo Cars’ Q3 2022 sales down by 8%

Volvo Cars global sales decreased by eight percent after selling approximately 138,000 vehicles from July to September 2022. In the same time period last year, the Swedish automotive brand delivered around 150,000 vehicles to buyers. 

Despite the slight dip in the carmaker’s retail sales, its revenue increased by 30 percent during the said timeline. Volvo Cars believed that the increase in the company’s revenue underscores the company’s pricing power and the robust demand for its sport utility vehicles (SUVs), especially the Recharge line-up.

The electrified Recharge lineup reportedly accounted for 25.1 percent of total sales in the third quarter of 2022, of which 7.4 percent were fully electric.

“Macroeconomic uncertainties around the world weighed on our third-quarter performance. But with a nimble and agile organization, strong financial position, and ample liquidity, we are confident we will tide over the ongoing challenges,” said Volvo Cars President and Chief Executive Officer (CEO) Jim Rowan.

“We are on an exciting path to transform our company towards becoming a fully electric car brand by the end of this decade and reach climate neutrality by 2040. We remain focused on that strategic direction,” added the chief executive.

The company remained focused on executing its strategy and will soon reveal the Volvo EX90, an all-new, all-electric SUV that marks the start of a new era for Volvo Cars. After that, it will launch one new fully electric model every year, as it aims to sell only fully electric cars by 2030.

Photos from Volvo Cars

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