Auto major Volvo initiates global media review

Swedish auto manufacturer Volvo has started a global review of its media planning and buying account. Group-M media investments firm Mindshare is the incumbent and has had the account for 25 years. The review for Volvo's $448 million global media account will span international markets including the US, the UK and China, as per reports.

Volvo Cars reported global sales of 57,447 cars in July, up 6 per cent compared to the same period last year. The sales increase was primarily driven by the strong sales of its fully electric cars in Europe.

The company's sales of electrified models, including both fully electric and plug-in hybrid models, grew 49 per cent compared to the same period last year and accounted for 49 per cent of all cars sold during July. The share of fully electric cars constituted 25 per cent of all cars sold for the month.

The total sales for the period of January through July amounted to 445,520 cars globally, an increase of 13 per cent compared to the same period 2023.

“We are pleased to report another month of sales growth, which is driven largely by the sales in Europe despite a generally challenging market environment,” said Björn Annwall, chief commercial officer and deputy CEO at Volvo Cars.

Volvo Cars' sales in China reached 9,775 cars, down 31 per cent compared to July 2023. Sales of electrified models – fully electric and plug-in hybrid models - stood at 1,130 sold cars, a decrease of 3 per cent compared to the same period last year.

In a recent interview with CNBC-TV18, Martin Persson, Head of Volvo Cars APAC, addressed the future electric launches and its India portfolio plans. "We have a clear strategy here that every year we're going to launch one new fully electric car, and the first one out was the XC40 Recharge that came back in 2022. Then we had the C40 and this year we have the single-motor XC40 Recharge. Next up is the EX30, our next SUV, and then after that we will continue this strategy with one new car every year."