Volvo Cars posted a 26% increase in retail sales for the month of November, selling 49,055 cars globally which it said represents a new all-time high result for a single month.

In the medium term, Geely-owned Volvo Cars is targeting annual sales of 800,000 cars globally following what it describes as "a complete renewal of its product line-up in the next four years".

The company says the global success for the Volvo XC90 is paving the way for the flagship Volvo S90 premium sedan – the second car to be based on Volvo's in-house developed SPA (Scalable Product Architecture) technology.

For the month of November, the United States reported 6,903 retail sales, up 90.5% versus the same month last year. Sales were boosted by strong demand for the XC90 and XC60 models which were the best-selling Volvos in the US for the month. Year-to-date sales in the US market are now up 18%.

Retail sales in Europe as a whole were up by 23.9% to a total of 26,646 cars. Sweden reported a market share of 24.3% while also the Netherlands and Germany were growth drivers in Europe with substantial sales increases. The V40 and XC60 were the best-selling Volvo models in Europe while growth was driven mainly by the XC90 model.

Sales in China amounted to 8,045 cars in November, up 15.8% versus the same month last year. The locally produced Volvo XC60 and S60L are the best-selling Volvo models on the market.