Volvo’s H1 earnings fall as China sales tumble
Print Edition
VOLVO Cars, owned by China’s Geely, yesterday reported a drop in first-half profits as sales tumbled in its biggest market, China.
Net profit plunged by 60 percent to 173 million kronor (US$20 million), while turnover climbed by 12 percent to 75.2 billion kronor.
Operating profit surged by over 70 percent to 1.66 billion kronor, thanks to a strong US currency and robust sales of Volvo’s SUV model XC60.
Volvo’s overall car sales in terms of units rose by 1.4 percent to 232,284 during the first half.
The strongest sales growth was seen in Sweden and western Europe, while remaining stable in the US and declining in China and the rest of the world.
Volvo went through several dark years before returning to profit in 2013. In 2014, it beat its sales record from 2007, selling almost 466,000 vehicles. CEO Hakan Samuelsson told Swedish news agency TT that Volvo expects to sell 500,000 cars this year.
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