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Volvo Car corporation achieves record
Added Time:[2011/5/13 10:19:03]

The Volvo Car Corporation under the China Geely Group on Thursday reported an operating earning before interest and tax of 2.34 billion Swedish kronor ($360 million), an improvement of 7.5 billion kronor in 2010 compared to the previous year."We witnessed a turn-around in the car market  and we have now returned to profitability," said Stefan Jacoby, President and CEO of Volvo Car Corporation at a press conference in Stockholm.

During the first quarter this year, the Volvo Car Corporation recorded an operating earning before interest and tax of 640 million Swedish kronor, that is an improvement of 280 million kronor and almost double compared to the same period in 2010.
 "That was due to the higher retail sales and favorable net pricing," Jacoby said.
 He also said that Volvo is gaining market shares in Europe and its expansion plans will result in a new hiring of 1,200 high-level engineers for research and development.Jacoby said his cooperation with Chinese colleagues was good and their work has been very professional.He said the new production lines in Chengdu and Daqing in China will be ready to produce the new car models.
But, he also pointed out the market is still cloudy since the Swedish kronor and Chinese yuan are getting stronger and the dollar is weaker. He also thinks the price hike in raw materials and the situation in Southern Europe are unfavorable factors for Volvo cars.