Published: Wed, January 04, 2017
Tech | By Arthur Brown

Volvo loses Sweden's best-selling vehicle crown for first time in 54 years

Volvo loses Sweden's best-selling vehicle crown for first time in 54 years

Since 1962, when the Volkswagen Beetle won first place, the Gothenburg, Sweden maker has maintained its top position in its home country.

22,084 Volkswagen Golf cars were sold in the country in 2016 according to Bil Sweden, the carmakers association of Sweden.

Sweden's best-selling auto in 2016 was not a Volvo - the first year that has happened in more than half a century.

Volvo Cars continues accelerating toward a possible initial public offering, flush with 5 billion Swedish kronor ($545 million) in equity financing and record-high sales under Chinese owner Geely. Volvo sold 5.7 percent in comparison and that too across three of their models. In 1962 Volkswagen's famous "Beetle" was the most sold vehicle in Sweden.

Sweden saw 372,296 new cars registered a year ago - up 7.9 per cent on 2015. Volvo, in comparison, sold 21,321 cars - V70/XC70/S90/V90 combined. That was the last time when Volvo did not head this coveted list.

National pride Volvo which was sold to Chinese firm Zhejiang Geely Holding Group in 2010 is still viewed as an iconic Swedish brand
National pride Volvo which was sold to Chinese firm Zhejiang Geely Holding Group in 2010 is still viewed as an iconic Swedish brand

"The strength of the automotive market in 2016 is explained by the strong economic situation, robust purchasing power, record low interest rates and a stable labour market", said the Swedish automakers' association Bil Sweden which, however, expects a 3 percent drop in the market in 2017.

The association also revealed there have been 372,296 new registrations in the country past year, which is 7.9 percent more than 2015. The company, which is owned by Chinese Geely, also held on to the largest market share, with four of its models in the top-ten.

Super green cars are also doing well in Sweden, with sales going up by 15 percent over 2015.

Volvo shares edged up 0.7% to Swedish Krona 107.3 in Stockholm. It expects record highs both in vehicles sold and in sales revenue for the fiscal year ended December 31.

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