The Chinese-owned Swedish automaker announced it was close to fulfilling its 2014 sales and profit goals, as Volvo experienced strong growth in its adoptive home country of China.
Gothenburg-based Volvo has been acquired by China’s Geely and has enjoyed stellar results ever since, especially when discussing the local sales in the world’s largest auto market. Additionally, modest climbs in the home region of Europe also offset losses in other areas – such as the US – leading to 17 straight months of rising sales. During the first 11 months of the year, the Swedish automaker’s deliveries climbed almost 9% globally and the company now expects to end the December shopping spree with a full year tally roughly 10 better than 2013 figures. That would bring an all-time sales record for the luxury automaker.
Chief Executive Hakan Samuelsson commented to Reuters that “we have our new Volvo car, we’ll see an all-time high (in sales) and at the same time we are securing our profitability at the level we reached last year, and that was the goal.” Back in August the CEO revealed that Volvo was forecasting a full-year operating profit of around 2 billion Swedish crowns (169.52 million pounds) in 2014, about the same level as last year. Volvo was acquired by Zhejiang Geely Holding Group Co. back in 2010 from the ailing Ford Motor and with the parental change also experienced a turnover in the US – once its largest global market – in favor of China. In America the Swedish manufacturer’s sales have dropped close to 9% since the start of the year.