Volvo reports record revenue
Volvo Cars reported a record revenue for the first six months of 2019 of SEK 130.1bn, up from SEK122.9bn year-on-year and buoyed by the best first half-year sales performance in the company’s history.
For the first six months of the year, sales amounted to a record 340,286 cars, a year-on-year increase of 7.3 per cent. During the period, Volvo Cars grew consistently faster than the overall market.
The company has gained market share across the US, China and Europe, with the UK and Germany recording growth of 30% and 32% respectively. The overall passenger car market in the US declined by two per cent in the first half of the year, while China and Europe fell by 9.3 per cent and 3.1 per cent respectively during the same period.
Håkan Samuelsson, president and chief executive of Volvo Cars, commented, ‘At a time when most markets in the world see stagnating car sales, we have had strong growth in the first half. We continue to take market share in all regions where we operate, but increased pricing pressure and tariffs have decreased our operating profit. The cost measures we took earlier this year will come into effect in the second half of the year.’