Volvo Cars sales fall 12% in June, fully electric tumble 26%

Sweden-based Volvo Cars (VOLCARb.ST), opens new tab reported on Wednesday a fourth straight month of falling sales volumes, pressured by trade tariffs and weaker electric vehicle demand. Volvo Cars, which is majority-owned by China's Geely, said in a statement it sold 62,858 cars in June, a 12% drop from a year earlier. Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. The group, which in April withdrew its earnings forecast for the next two years in the face of tariffs, said sales of fully electric cars fell 26% to account for 22% of total sales volumes. Advertisement · Scroll to continue Sales of electrified cars as a whole, also including plug-in hybrids, were down 19% to account for 44% of total sales volumes. Volvo Cars said in May it would cut 3,000 mostly white-collar jobs as it struggles with cost increases, a slowdown in electric vehicle demand and global trade uncertainty. Its sales volumes in Europe were down 14% while in the U.S. and China they were down 7% and 3%, respectively. Shares in the company were up 1% in early trade, taking a year-to-date fall to 27%. Volvo Cars did not comment on the sales figures in the statement.