STOCKHOLM -- Volvo Cars sales grew 43 percent in May, marking a continued recovery for the automaker, which is considering listing on the Nasdaq Stockholm stock exchange this year.
Global sales rose for an 11th consecutive month to 64,111 cars, Volvo said in a statement on Thursday.
"The growth was mainly driven by a strong demand in the U.S. and, in Europe, a recovery from a sales drop in May last year related to the COVID-19 pandemic," it said in the statement.
The XC40 was the company's top-selling model in May with a volume of 20,350, followed by the XC60 with sales of 19,835 cars and the XC90 with 9,961 units sold.
Volvo's global sales in the January-May period were 312,533 cars, up 49.9 percent year-on-year, with sales in Europe growing 46 percent, while volume was up 55 and 57 percent in China and the U.S., respectively.