STOCKHOLM (Reuters) - Chinese-owned Volvo Car Group’s sales rose 26 percent in November from the same month last year to reach a record high, helped by strong demand for the XC90 and XC60 models in the United States where sales doubled.
Sales increased in all the company’s major markets to reach a total 49,055 cars, the highest number on record for a single month. Sales in the United States rose 90.5 percent to 6,903 cars.
The Sweden-based company, owned by China’s Zhejiang Geely Holding Group Co. GEELY.UL and one of Sweden’s biggest employers, said U.S. sales were boosted by strong demand for its new flagship XC90 SUV and XC60 models.
The new Volvo S90 is due to be presented on Wednesday.
“In the medium term, Volvo Cars is targeting annual sales of 800,000 cars globally following a complete renewal of its product line-up in the next four years,” Volvo said in a statement.
Sales in China, where sales have been sluggish recently, were up 15.8 percent in November compared with the same month last year.
Reporting by Daniel Dickson; editing by Susan Thomas