Volvo car sales up five percent in August, Chinese sales up 66 percent
STOCKHOLM (Reuters) - Chinese-owned Swedish automaker Volvo Car Corp said on Wednesday it sold 26,998 cars in August, a five percent increase over the same period a year ago, citing strong growth in China.
In China, sales spiked 66 percent to 4,319 cars, while in Europe, sales were up five percent to 10,770 cars and in the United States they fell 12 percent to 5,519 cars.
Volvo, wholly-owned by China's Zhejiang Geely Holding Group Co. GEELY.UL since 2010, competes with global luxury brands BMW (BMWG.DE: Quote), Jaguar (TAMO.NS: Quote) and Volkswagen AG's (VOWG_p.DE: Quote) Audi.
From January through July, Volvo group car sales were still down by 3 percent. In 2012, languishing Chinese and European demand took a heavy toll on the car industry, sending Volvo's operating profit tumbling.
(Reporting by Anna Ringstrom, editing by Geert De Clercq)
© Thomson Reuters 2017 All rights reserved.