COPENHAGEN: Volvo Cars’ sales rose by 1% year-on-year in September to 62,458 cars, the Sweden-based automaker said on Wednesday amid a volatile and uncertain market.

Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that total sales in Europe, the biggest market for Volvo Cars, were up 23%, while sales in the United States and China fell by 22% and 16%, respectively.

“The overall market picture remains volatile and uncertain, but we are encouraged by a solid performance in Europe, especially for our electrified car portfolio,” deputy CEO and Chief Commercial Officer Bjorn Annwall said in the statement.

Volvo Cars scales back margin and revenue ambitions

Sales of fully electric and plug-in hybrid models were up 43% and accounted for 48% of all cars sold during September, while the share of fully electric cars alone accounted for around a quarter of cars sold during the month. Shares in the company fell 2.4% by 0731 GMT, underperforming Stockholm’s benchmark stock market index, which traded up 0.2%.

The company last month abandoned its EV-only target by 2030 and slashed its margin and revenue ambitions, citing the impact of tariffs and a decrease in demand for electric vehicles.