While the company experienced growth in several markets, sales in China declined by 8% year on year.

Following the positive sales report, Volvo Cars' shares rose by 1.6%, outperforming the 0.6% increase in Stockholm's benchmark index.

In November 2024, Volvo reported a 5% increase in overall sales compared to the previous year, largely fueled by a remarkable 40% surge in plugin vehicle sales.

In the United States, Volvo's sales also grew by 5%, and despite the downturn in China, plugin vehicles accounted for 39% of sales in that region.

Volvo remains committed to becoming 100% electric by 2030, and the company is making steady progress toward this ambitious goal.

This consistent focus on electrification sets Volvo apart from other automakers, many of whom have shown inconsistency in their electric vehicle commitments.