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Sales in China drive Volvo to strong earnings
Print Edition
SWEDEN’S Volvo Cars, owned by China’s carmaker Geely, posted strong earnings for 2014 as its China performance offset a slowdown in the United States.
The carmaker’s operating profit rose 17.4 percent to 2.25 billion Swedish crowns (US$302 million) last year. It delivered 465,866 cars, up 8.9 percent from a year ago. China, its biggest market in the world, contributed to the increase with 80,000 cars sold.
However, the sales figure is still a long way from realizing Volvo Cars’ ambition of boosting its global sales to 800,000 annually in the medium term as the company tries to revive its brand under a long-term strategy.
“It is essential to remember that the company is in an investment phase right now,” Hakan Samuelsson, president and chief executive officer of Volvo Cars, said in a statement. “The fruits of these investments will start to be felt from this year.”
Top of the company’s agenda is the renewal of its product range that will see up to 11 cars, including four new models, to be introduced this year in China. Volvo has plants in Daqing, Heilongjiang Province, and Chengdu, Sichuan Province.
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