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Volvo sales growth slows in October
2018/11/6
source: automotive news
Volvo Car Corp.’s China sales growth slowed to 3.2 percent last month because of softening car demand across the industry and the Trump administration’s 25 percent tariffs on Chinese-built vehicles, which have affected the company's exports from China to the U.S.
 
 
October marks the first month that Volvo’s sales growth in China has dropped below 10 percent this year.

The Swedish brand delivered 11,083 vehicles in China last month.

In the first 10 months, Volvo’s China sales jumped 15 percent to 107,275 behind demand for two locally produced models -- the XC60 compact crossover and the S90 large sedan.

Volvo also builds the S60 compact sedan in China.

Volvo has applied to the U.S. Trade Representative's Office for an exemption on tariffs for the XC60 imported from China.

Volvo’s China sales are expected to get a boost from two additional models it will produce locally starting next year.

Volvo is set to launch sales of the XC40 compact crossover assembled at the Luqiao plant owned and operated by its Chinese parent Zhejiang Geely Holding Group in east China’s Zhejiang province.

It also expects to start producing vehicles in mid-2019 for its Polestar high-performance electrified vehicle brand at a factory it is building in the southwest China city of Chengdu with Geely. The factory’s first product will be the Polestar 1 plug-in hybrid.

Volvo has also started exploring China for automated vehicles. Last week it signed an agreement with Chinese Internet giant Baidu Inc. to jointly develop Level 4 autonomous driving vehicles to serve the robotaxi market in China.