Investing.com -- Volvo Cars (ST: VOLVb ) on Wednesday reported a 10% year-over-year decline in global sales for March, with a total of 70,737 vehicles sold compared to 78,970 in the same month last year.

Shares of the Gothenburg-based company were down 1.2% at 04:00 ET (08:00 GMT).

The Swedish luxury vehicle manufacturer also saw a 9% drop in sales of electrified models, which include fully electric and plug-in hybrid vehicles.

These electrified models accounted for 43% of total sales, with fully electric vehicles making up 19% of the total units sold.

For the first quarter of 2025, Volvo’s global sales reached 172,219 cars, marking a 6% decrease from the 182,687 cars sold during the same period in 2024.

The decline in sales was observed across key markets, though some regions showed resilience in electrified model performance.

In Europe, March sales totaled 36,093 cars, reflecting a 9% drop from the previous year’s 39,756 units.

Sales of electrified models in the region fell by 18%, making up 57% of total sales, with fully electric models seeing a more pronounced decline of 39%.

The United States also saw a decline, with sales falling 8% to 14,052 vehicles compared to 15,315 in March 2024.

However, an encouraging trend emerged as sales of electrified models in the U.S. increased by 5%.

China saw the most significant drop, with sales decreasing by 22% to 10,867 vehicles from 14,005 last year.

Despite this, the demand for electrified models in China grew by 20%, with 1,243 units sold, highlighting a positive shift towards electric mobility in the region.

Among Volvo’s lineup, the XC60 remained the best-selling model in March, with 23,776 units sold, an increase from 22,402 in the same month last year.

The XC40/EX40 followed with 18,629 units sold, a decline from 20,557 in 2024, while the XC90 recorded 10,764 sales, slightly down from 10,826 last year.