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Volvo Cars sales slump 11% in April due to the decline of fully electric vehicles

Volvo Cars announced on Monday a 11% decline in April sales, to 58.881 vehicles, compared with a year ago, which sent its shares lower.

Volvo Cars, owned by China's Geely and majority-owned, reported in a press release that sales of electric vehicles fell 32%, accounting for only 20% of the total volume of sales.

The sales of all electrified vehicles, including plug-in hybrids and electric cars, fell by 16%, accounting for 45%.

Volvo Cars under pressure from Donald Trump's new administration

Tariffs

Juggling is the task

Working with Geely, to reduce costs and continue to sell cars to American consumers who prefer hybrids and combustion engine models.

Despite stiff competition from Chinese automakers who sell more affordable EVs, the Sweden-based company wants to win Chinese customers along with its European counterparts.

In April, shares of Volvo Cars rose by a staggering 45%.

Withdrawal

In the morning, its earnings forecasts for the next two-years in face of tariffs were down by 3%, bringing the year-to date slump to 29%.

The company didn't provide any details on regional sales.

(source: Reuters)