Volvo Cars sales up 31% in May as it recovers from past years

<html xmlns=""><head><title>UPDATE 2-Volvo Cars sales up 31% in May as it recovers from past years</title></head><body>

Adds paragraph on last year's chip issues

HELSINKI, June 5 (Reuters) -Sweden-based Volvo Cars VOLCARb.ST on Monday posted a 31% rise in sales in May compared with a year earlier, selling60,398 cars.

The 31% rise comes after a strained 2022, when the company, like other automakers, felt the effects of persistent COVID-lockdowns in China, chip shortages and other supply constraints thathampered production.

As Volvo, majority-owned by China's Geely [RIC:RIC:GEELY.UL], has begun recovering from 2022's setbacks, sales figures have consistently been up for the past few months.

Still, automakers' worries are not yet over as high costs linger. That forced the company recently to commence a cost-slashing effort that has seen 1,300 jobs being cut .

It also announced in May that production of its fully electric SUV was delayed until 2024 .

In the company's biggest market, Europe, sales rose 40%, while sales were up 49% in China and 14% in the United States, Volvo Cars said in a statement.

Reporting by Essi Lehto and Marie Mannes, editing by Terje Solsvik and Bernadette Baum


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