STOCKHOLM (Reuters) - Chinese-owned Volvo Car Group said on Thursday sales of its cars rose 12.6 percent year-on-year in October on the back of a sharp upturn in the United States and single-digit growth in all other major markets, including China.
The Sweden-based company, owned by China’s Zhejiang Geely Holding Group Co., said it sold 45,801 cars in the month, with the United States eclipsing China as its biggest market with an 86.9 percent rise.
Volvo’s U.S. sales have picked up in recent months, driven by demand for the automaker’s new flagship XC90 SUV model, after eroding over the past decade due to a dearth of new models and limited financing options.
A slowdown in the world’s biggest auto market, China, has been a more recent headwind, but Volvo said sales there were up 2.0 percent on the year in October. Its sales in Western Europe were up 3.7 percent.
Reporting by Niklas Pollard; editing by Sven Nordenstam