OSLO (Reuters) - Volvo Cars' sales fell by 3% year-on-year in December to 73,804 cars as the sale of hybrid vehicles declined, the Sweden-based automaker said on Tuesday.

Volvo Cars, which is majority-owned by China's Geely Holding, said in a statement that sales for 2024 rose by 8% compared to 2023 to a total of 763,389 cars, boosted by a 54% rise in the number of fully electric models.

Sales of Volvo's fully electric cars accounted for 23% of all Volvo cars sold globally during 2024, compared to 16% in 2023, the company said.