Volvo Cars posts rise in Q3 sales, revenue

STOCKHOLM, Oct. 26– Volvo Cars said on Thursday that its global sales in the third quarter increased by 22 percent year-on-year to 167,500 cars following 13 consecutive months of sales growth. “Our operating performance is gathering momentum, while we continue to make steady progress on our transformation objectives,” Jim Rowan, president and chief executive of…

STOCKHOLM, Oct. 26 (Xinhua) — Volvo Cars said on Thursday that its global sales in the third quarter (Q3) increased by 22 percent year-on-year to 167,500 cars following 13 consecutive months of sales growth.

In China, its total sales decreased by 4 percent to 45,400 units. In the United States, they were up 50 percent to 32,400 cars, and in Europe, they increased by 34 percent to 61,800 vehicles.

The company’s Q3 revenue increased to 92 billion Swedish kronor (8.2 billion U.S. dollars) from 79 billion kronor a year earlier. Earnings before interest and taxes (EBIT) increased by nearly 75 percent to 6.1 billion kronor, excluding joint ventures and associates.

Besides strong sales, lower costs for raw materials and logistics contributed to the increased revenue, the company said in a press release.

“Our operating performance is gathering momentum, while we continue to make steady progress on our transformation objectives,” Jim Rowan, president and chief executive of Volvo Cars, said in the press release.

At the core of this transformation is the phasing out of models with combustion engines, including plug-in hybrids. The company aims to solely produce fully electric cars by 2030 and to be a climate-neutral company by 2040.

Volvo Cars, acquired by Chinese automaker Geely in 2010, had around 43,200 full-time employees globally in 2022.

Headquartered in the Swedish city of Gothenburg, Volvo Cars has main car production plants in Gothenburg, Ghent (Belgium), South Carolina (the United States), and the Chinese cities of Chengdu, Daqing and Taizhou. The company also has research and development and design centers in Gothenburg, Camarillo (the United States) and Shanghai (China).

In Q3 2023, Volvo Cars also opened a new Tech Hub in Singapore, which will focus on artificial intelligence, machine learning, data analytics and Industry 4.0 technologies. (1 Swedish krona = 0.089 U.S. dollar) Enditem