Volvo Car Group reports profit for 2013
Our plan is working: CEO
Volvo Car Group reported a full-year operating profit of 1,919 MSEK for 2013 and will stay in the black and grow sales in 2014, President and CEO Håkan Samuelsson said today. Retail sales are forecast to grow by “a good” 5 per cent in 2014, Samuelsson added.
In 2013, Volvo Cars continued its transformation, increasing retail sales for the year by 1.4 per cent to 427,840 cars. Revenue over the period came in at 122,245 MSEK (124,547 MSEK), while net income amounted to 960 MSEK (-542 MSEK).
“We are delivering on the plan we set out four years ago: focus on profitability, revitalise the brand, reinforce our product strengths and leverage our potential and position in China,” said Samuelsson. “2013 was a year of groundwork for Volvo Cars, successfully preparing the way for the future. This year our total sales are forecast to increase and we will – with the XC90 – reveal the first product of a portfolio that will delight our customers, paving the way for the company’s future growth.”
Looking ahead, sales in 2014 will continue to grow, driven by steady growth in key markets and an improved product offer. In China, Volvo Cars will build on a strong sales performance in 2013, when sales rose 45.6 per cent to 61,146 cars. New models like the S60L and the sales start of the V40 Cross Country as well as a further expansion of the dealer network will support Volvo Cars’ continued growth.
In the US, Volvo Cars now has an improved customer offer with a line of fully refreshed S60, XC60, XC70 and S80 models, the sales start of the V60 sports wagon and the roll-out of the highly efficient Drive-E powertrains. Market circumstances in Europe are expected to remain challenging, but Volvo Cars aims to retain its market share in the region.
More information on Volvo Car Group’s results over 2013 can be found in the Group's Financial Report January-December 2013. The report contains more details on developments in Volvo Car Group’s various markets, as well as in-depth financial information. The full report is available for download here.
About the Volvo Car Group Financial Report January-December 2013
The financials in the Financial Report January-December 2013 refer to the consolidated business result of Volvo Car Group. This includes Volvo Car Corporation, its parent company Geely Sweden AB, and all its subsidiaries. In Sweden, audited annual reports for Geely Sweden Holdings AB, Geely Sweden Automotive AB, Geely Sweden AB and Volvo Car Corporation are filed with the authorities on an annual basis. The consolidated financial statements of Geely Sweden AB represent the Volvo Car Group business performance.