Volvo Cars reported a 12% decline in global sales for May, selling 59,822 vehicles compared to last year.
Sales of fully electric cars fell 27%, making up 21% of total sales, while plug-in hybrids and other electrified models dropped 20%, accounting for 44%. The company didn’t break down regional performance.
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Facing high costs, weaker EV demand, and U.S. tariff pressures, Volvo recently announced 3,000 job cuts, mostly white-collar roles. In April, it also scrapped its two-year earnings forecast.
Despite the challenges, Volvo’s shares rose 0.5% in early trading.
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