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Investing.com -- Volvo (OTC:VLVLY) Cars, the automaker based in Sweden, reported a 5% year-on-year decline in sales for January, selling a total of 50,820 cars. The company attributed the decrease largely to the timing of the Chinese New Year.
Volvo Cars, which is majority-owned by China’s Geely Holding, also revealed a growth in the sale of electrified cars.
The sales of these vehicles, which include fully electric and plug-in hybrid models, rose by 17% compared to last year, accounting for 44% of the company’s total sales in January.
In the stock market, Volvo Cars’ shares were down 2.61% by 0810 GMT. This performance was weaker than the 0.6% drop seen in Stockholm’s benchmark index.
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