Volvo sees tough 2013 as fewer cars sold last year
Source: Agencies |
January 8, 2013, Tuesday
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Print Edition
Print Edition
SWEDISH carmaker Volvo, owned by China's Geely, said its sales fell 6.1 percent last year, including double-digit drops in China and Sweden and a small rise in the US, and expected a tough 2013.
Volvo is the biggest Chinese overseas investment in the auto industry and the Swedish company is pinning its growth hopes on China. Overall sales fell last year to 421,951 cars from 2011's 449,255, the group said in a statement yesterday.
"Competition in the car industry will most likely continue to be as fierce as in 2012 as manufacturers will seek to capture volumes and market share in a market where the economic situation will remain unstable," it said, expecting a challenging year in terms of margins and growth.
It said several markets last year saw improvements, particularly emerging and overseas markets, but the economic situation in mature markets and regions hit demand.
Volvo is the biggest Chinese overseas investment in the auto industry and the Swedish company is pinning its growth hopes on China. Overall sales fell last year to 421,951 cars from 2011's 449,255, the group said in a statement yesterday.
"Competition in the car industry will most likely continue to be as fierce as in 2012 as manufacturers will seek to capture volumes and market share in a market where the economic situation will remain unstable," it said, expecting a challenging year in terms of margins and growth.
It said several markets last year saw improvements, particularly emerging and overseas markets, but the economic situation in mature markets and regions hit demand.
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