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Volvo Cars reports 9.4 per cent growth in the first quarter of 2019

Volvo Cars reports 9.4 per cent growth in the first quarter of 2019

 

Volvo Cars’ sales momentum continued in the first three months of 2019, after the company reported a 9.4 per cent growth in global sales for the January-March quarter, compared with the same period last year.

 

Total sales in the first quarter reached 161,320 cars, with all the key regions of China, US and Europe reporting volume growth.

 

The first quarter sales increase was on the back of continued strong demand for Volvo’s award winning SUV range led by the XC60, and followed by the XC40 and XC90. The company’s most recent models, the V60 estate and the US-built S60 sedan, also contributed to the increased volumes.

 

In March, Volvo sold a total of 67,457 cars – up 7 per cent compared with the same month last year.

 

The company’s European sales for the first three months amounted to 86,520 cars, up 8.8 per cent compared with the same period last year. The growth follows strong demand for the XC40 and XC60 SUVs and the V60 estate. In March total sales reached 37,325, up 3.9 per cent compared with March 2018.

 

Volvo’s sales in China during the first quarter reached 29,886 cars, up 3.9 per cent compared with the same period last year. The growth was driven by demand for the locally built XC60 and S90 models. In March the company sold 11,413 cars, up 6.7 per cent compared with the same period last year.

 

US sales for the company in January-March reached 22,058 cars, up 9.8 per cent compared with the same period last year. The growth was led by the XC90 and XC60 SUVs. In March total sales reached 9,569 cars, up 16.2 per cent compared with the same month last year.

 

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

 

 

March

 

January-March

 
 

2018

2019

Change

2018

2019

Change

Europe

35,941

37,325

3.9%

79,512

86,520

8.8%

China

10,700

11,413

6.7%

28,768

29,886

3.9%

US

8,233

9,569

16.2%

20,083

22,058

9.8%

Other

8,164

9,150

12.1%

19,044

22,856

20%

Total

63,038

67,457

7%

147,407

161,320

9.4%

 

In March, the XC60 was the top selling model with sales reaching 18,036 cars (2018: 16,277), followed by the XC40, with total sales at 12,614 cars (2018: 4,261 units), and the Volvo XC90 at 9,801 cars (2018: 9,583 units).

 

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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, Corporate
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