Volvo automobiles (VOLCARb.ST) sold 60,398 automobiles in May, up 31% year-over-year.
The 31% increase follows a difficult 2022, when COVID-19 lockdowns in China, chip shortages, and other supply bottlenecks impeded output.
Sales have been rising for Volvo, majority-owned by China’s Geely [RIC:RIC: GEELY.UL], since 2022’s failures.
Still, high prices worry automakers. The corporation had to lay off 1,300 workers to cut costs.
It also delayed its completely electric SUV until May 2024.
Volvo Cars reported 40% growth in Europe, 49% in China, and 14% in the US.
