Volvo Cars, which is majority-owned by China's Geely Holding, has reported a 5% decrease in global sales for January, with a total of 50,820 cars sold.

The decline in total sales has been attributed to the timing of the Chinese New Year, which impacted the sales figures.

Despite the overall decline, the company witnessed a year-on-year 17% increase in the sales of its electrified models, which now represent 44% of the total sales for the month.

The fully electric cars alone made up 19% of the total sales in January.

Volvo said that the Volvo XC60 emerged as the top-selling model for the month, with 18,972 units sold, showing a slight increase from the previous year's 18,011 units.

The XC40/EX40 followed with 8,736 cars sold, though this represented a decrease from the 12,628 units sold in the previous year.

The XC90 model also saw a drop in sales with 7,473 cars sold, down from 8,167 in the previous year.

In 2024, Volvo Cars reported global sales of 763,389 vehicles, an increase of 8% compared to the previous year.

The automaker reported 54% increase in fully electric vehicle sales, reaching 175,194 cars in 2024 from 113, 419 in 2023.

Plug-in hybrid cars also witnessed growth, with sales of 177,593 cars, a 16% increase from the previous year.

Despite the overall growth, the company reported 3% decline in sales during December 2024, with a noticeable decrease in hybrid vehicle sales.