STOCKHOLM (Reuters) -Sweden-based Volvo Cars <VOLCARb.ST> said on Thursday its sales volumes rose 1% in September from a year earlier, the first increase since February, sending its shares up.
Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement it sold 63,212 cars in September.
It said sales volumes in its biggest market Europe were up 1%. In the United States, they were up 3%.
Carmakers are scrambling to rethink production strategies to contend with U.S. President Donald Trump’s import duties on foreign cars, part of his wider policy to boost domestic manufacturing.
Volvo Cars said last month it would begin producing a new hybrid model in the United States this decade as it continues to adjust to Trump’s tariff policies.
It said on Thursday group sales volumes in September of fully electric cars fell 3%. Sales of electrified cars as a whole, also including plug-in hybrids, were down 2%.
Shares in the company were up 5% in mid-morning trade, taking a year-to-date drop to 13%.
(Reporting by Elviira Luoma, editing by Terje Solsvik and Anna Ringstrom)
