Stock market quotes, forex, financial news, forex tools – money-investing.com

Volvo records the highest sales for 2018

 Breaking News
Volvo records the highest sales for 2018
February 08
09:00 2019

Volvo Cars have record sales. In 2018, the concern managed to sell more than 642 thousand cars, which is 12% more than the same figure last year.

The sales growth was detected in all markets. The largest increase is shown by the American market. Here the number of cars sold has increased by 20% – up to 98.2 thousand cars. 130 thousand cars have been sold in China, while Europe has sold 318 thousand. Other markets have also pleased with the increase in sales.

Amid the growing sales, Volvo’s annual revenue has increased by 20% to the mark of 252 billion kronor. Despite this, the operating profit has grown by only 1% to 14 billion kronor. The reason for such a weak increase was the reduction in profitability. In 2017, the increase in operating profit was 6.7%, in 2018 – 5.6%. The net profit has decreased by 4% to 9.8 billion kronor.

According to Hakan Samuelsson, CEO of the company, profitability has suffered due to the high competition and increased trade duties.

Volvo Cars sells the cars in one hundred countries of the world. The company began its work in 1927. The staff of the automaker employs about 40 thousand people. The company’s main plants are located in Sweden, Belgium and the PRC. Engines are assembled in Skövde (Sweden) and Zhangjiakou (PRC), while the bodies are produced in Swedish Olofstrom.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment