Volvo Car Group, the Swedish Chinese-owned carmaker announced that deliveries of its cars inched up 3.7 % year-on-year in October as surging demand in China helped it achieve its fourth straight month of increased sales.
The company delivered 36,127 units in October as sales jumped an astonishing 50 % in China and 13 % in countries outside the core European region, the United States and China, managing to offset declines in Europe and the United States.
The company, which was running a loss during the first half of the year, said in a statement that China was its single biggest market for the second straight month in October. Volvo is looking to even stronger volume in the home of its parent Zhejiang Geely Holding Group in order to lift it towards a target of roughly doubling sales to 800,000 autos by 2020.
After suffering from a huge slump in sales last year, deliveries of Volvo models such as the S60 and XC60 have lately picked up pace in many of its markets. Unfortunately, the weakness in North America, traditionally its largest market by far, has lingered. For the January to October period, sales were down 0.2 % in America.