Volvo Cars said on Wednesday that its global sales dropped 12% in June to 62,858 vehicles, marking the fourth straight monthly decline.
The company cited weak electric vehicle demand and trade tariffs as key factors behind the lower figures.
The Sweden-based automaker, majority-owned by China’s Geely, reported a 26% fall in fully electric car sales. These vehicles made up 22% of total deliveries last month.
Sales of all electrified vehicles, including plug-in hybrids, fell 19% and accounted for 44% of total sales.
In regional markets, June sales in Europe declined 14%, while sales in the U.S. and China dropped 7% and 3%, respectively.
Volvo Cars recently withdrew its earnings forecast for the next two years and has described 2025 as a challenging transition year. In May, the company announced it would cut 3,000 mostly white-collar jobs due to rising costs, slowing EV sales, and global trade uncertainties.
The company said the latest figures reflect the tough conditions it had flagged earlier. Despite the sales decline, Volvo Cars’ shares rose 4.8% by 1348 GMT, though they remain down 24% for the year.
