Geely-owned Volvo Car Group, on Friday said the company returned to a solid profit in 2013 – after the automaker has cut jobs and posted strong sales.
The Gothenburg-based automaker said net profit for 2013 climbed to $301.9 million (1.92 billion Swedish crowns) up from $66 million (542 million Swedish crowns) a year earlier.
Volvo sold 427,840 new vehicles last year – up from 421,951 in 2012 – an increase of 1.4 percent – but the progress in implementing its transformation plan was a success.
“This strong turnaround from the first half of 2013 is further tangible proof of Volvo Car Group’s progress in implementing its transformation plan.”
“This full-year profit represents a significant turnaround compared to the result for the first six months of 2013,” says Håkan Samuelsson, President and CEO of Volvo Car Group.
In 2010, China’s Zhejiang Geely Holding Group Co. bought Volvo Cars from Ford Motors after paying $1.8 billion in a virtual all-cash deal.
The announcement comes just days after Volvo said February car sales were up 4.6 percent compared to February 2013 – the eighth consecutive month of growth for the premium carmaker.
China is the largest car market for Volvo – accounting for 50 percent of all global sales.