OSLO (Reuters) – Volvo (OTC:) Vehicle sales fell 3% year-on-year in December to 73,804 vehicles due to a decline in sales of hybrid vehicles, the Sweden-based automaker said on Tuesday.

The number of electrified vehicles, including fully electric and plug-in hybrid vehicles, increased by 20% year-on-year in December, while so-called mild hybrids with only an internal combustion engine fell by 16 %, the company said in a statement.

Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that sales in 2024 increased by 8% compared to 2023 to a total of 763,389 vehicles, fueled by a 54% increase in volume. in full electric models.

Sales of Volvo’s fully electric cars will account for 23% of all Volvo cars sold worldwide by 2024, compared to 16% in 2023, the company said.

The company’s shares were up 1.8% by 0819 GMT, outpacing the 0.9% rise in Stockholm’s benchmark index.