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Volvo Cars reports best ever first half sales

Volvo Cars reports best ever first half sales

 

Volvo Cars, the premium car maker, has reported record sales for the first half of 2018 of 317,639 cars, an increase of 14.4 per cent compared to the same period last year.

 

The robust first half performance places the company firmly on course to report another year of record sales for the full year. Volvo Cars reported sales of 571,577 cars in 2017.

 

All the key regions of the US, China and Europe reported steady growth during the six-month period. 

 

The US grew 39.6 per cent on the back of the bestselling XC60 and XC90. Overall volumes in the first half of the year were 47,622 compared to 34,102 in the same period last year.

 

China, Volvo Cars’ largest single market, grew by 18.4 per cent on strong demand for the locally-produced XC60 and S90. During the period, sales hit 61,480 compared to 51,914 in the corresponding period last year.

 

Europe reported solid 5.7 per cent growth in the first half to 164,480 cars compared to 155,653 in the same period in 2017, driven by demand for the new XC60, the 90 Series cars and the new XC40 small SUV.

 

Retail sales status (deliveries to end customers) for Volvo Car Group is as follows:

 

 

June

January – June

 

2017

2018

Change

2017

2018

Change

Europe

29,860

33,213

11.2%

155,653

164,480

5.7%

China

10,113

11,688

15.5%

51,914

61,480

18.4%

US

7,303

9,868

35.1%

34,102

47,622

39.6%

Other

7,075

9,289

31.3%

35,972

44,057

22.5%

TOTAL

54,351

64,058

17.9%

277,641

317,639

14.4%

 

Globally, the new Volvo XC60 continued to be the best-selling model in the first half of the year with 88,786 units sold (2017: 829 units), followed by the XC90 with total volumes at 47,658 units (40,186 units) and the Volvo V40/V40 Cross Country at 41,588 units (48,554 units). During the first half, the S90 generated volumes of 30,977 units (17,346 units). 

 

The popularity of the XC40 continued during the period with the compact SUV recording total volumes of 23,741 units in the first six months.

 

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Volvo Car Group in 2017

 

For the 2017 financial year, Volvo Car Group recorded an operating profit of 14,061 MSEK (11,014 MSEK in 2016). Revenue over the period amounted to 210,912 MSEK (180,902 MSEK). For the full year 2017, global sales reached a record 571,577 cars, an increase of 7.0 per cent versus 2016. The results underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years, positioning the company for its next growth phase.

 

About Volvo Car Group

 

Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 571,577 cars in 2017 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.

 

In 2017, Volvo Cars employed on average approximately 38,000 (30,400) full-time employees. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

Keywords:
Sales Volumes, Corporate
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