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Volvo Cars reports 11.3 per cent growth in the first two months of 2019

Volvo Cars reports 11.3 per cent growth in the first two months of 2019

 

Volvo Cars’ sales momentum remained strong in 2019 after the company posted an 11.3 per cent growth in global sales for the first two months of the year, compared with the same period last year. The company sold a total of 93,863 cars in January and February.

 

The sales growth in the first two months was led by the strong performance of Volvo’s award winning SUV range led by the XC60, and followed by the XC40 and the XC90. The company’s new cars, the V60 estate and the US-built S60 sedan, also contributed to the increased volumes.

 

In February, Volvo Cars sold a total of 43,184 cars – up 5.5 per cent as compared with the same month last year.

 

The company’s European sales grew 12.9 per cent in the first two months of 2019 to 49,195 cars, compared to the same period last year. The double digit growth came on the back of strong demand for the XC60 and XC40 SUVs and the new V60.

 

In China, sales grew by 2.2 per cent to 18,473 cars in the first two months, compared with the same period last year. The growth was driven by the locally assembled XC60 and S90 models. In February the company sold 6,516 cars, down 0.2 per cent compared to February 2018.

 

In January and February US sales reached 12,489 cars, up 5.4 per cent, compared with the same period last year. XC60 was the bestselling model in the region during the month, followed by the XC90. In February total sales reached 6,635 cars, up 5.6 per cent.

 

A detailed regional-break up of sales is given below.

 

 

February

 

January-February

 
 

2018

2019

Change

2018

2019

Change

Europe

22,510

23,000

2.2%

43,571

49,195

12.9%

China

6,531

6,516

-0.2%

18,068

18,473

2.2%

US

6,283

6,635

5.6%

11,850

12,489

5.4%

Other

5,606

7,033

25.5%

10,880

13,706

26%

Total

40,930

43,184

5.5%

84,369

93,863

11.3%

 

In February, the XC60 was the top selling model with sales reaching 12 630 cars (2018: 10,308), followed by the XC40, with total sales at 8,176 cars (2018: 1,580 units), and the Volvo XC90 at 5,752 cars (2018: 6,607 units). The Volvo V40 and V40 Cross Country sold 4,196 units (2018: 6,109 units) and new V60 Estate sold 3,849 units in February.

 

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Volvo Car Group in 2018

For the 2018 financial year, Volvo Car Group recorded an operating profit of 14,185 MSEK (14,061 MSEK in 2017). Revenue over the period amounted to 252,653 MSEK (208,646 MSEK). For the full year 2018, global sales reached a record 642,253 (571,577) cars, an increase of 12.4 per cent versus 2017. 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 642,253 cars in 2018 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 2018, Volvo Cars employed on average approximately 43,000 (39,500) 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), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).

 

Keywords:
Sales Volumes
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