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Losses continue to shrink for Volvo Cars

Losses continue to shrink for Volvo Cars

Published: 02 Nov 2009 16:37 GMT+01:00
Updated: 02 Nov 2009 16:37 GMT+01:00

Revenue for the Swedish carmaker, which moved a step closer last week to being sold by US-based Ford to Geely of China, was also up to $3.0 billion from last year’s third quarter revenue of $2.9 billion.

The result is the best for Volvo Cars this year and continues the trend of shrinking losses.

At the same time, production at Volvo is on the rise, with 77,000 vehicles coming off the assembly lines in the third quarter, an increase of 5,000 from the corresponding quarter last year.

During the fourth quarter, production is expected to increase to 95,000 vehicles, an increase of 27,000, according to Ford.

Volvo’s US-based parent, which also presented surprisingly strong net income of nearly $1 billion on Monday, said Volvo’s improved results were due to cost savings, positive currency effects, higher volumes, and better product mix.

“The Ford team delivered another solid quarter of results with strong contributions from all our business regions,” said Ford chief financial officer Lewis Booth in a statement.

“Positive cash flow, a stronger balance sheet and a third quarter operating profit are evidence that Ford is meeting the global economic challenges.”

The report contained no new information, however, about Ford’s ongoing negotiations with Geely for the purchase of Volvo, instead merely confirming that the Chinese automaker is the “preferred bidder” in discussions which are “ongoing” regarding the “possible” sale of Volvo Cars.

TT/David Landes (news@thelocal.se)

Your comments about this article

04:55 November 3, 2009 by volvoman9
Were this trend to continue some back pedaling by Ford would not be a surprise.
07:03 November 4, 2009 by Quinault
Been watching all the news about the pedaling of Volvo. I am from an American family and we have purchased about 20 Volvo cars over the years. I will never buy another Volvo if owned by Geely. I do not want my money to go into their wallets. Can't figure out why no one from Sweden/Norway/Belgium has come forward with a bid Ford could consider. If you are concerned about the job market..I guarantee you that the jobs will leave Europe and put many people out of work. I also do not think that Geely can market this wonderful, wonderful car.

China wants to own the world and right now they have the cash to do it.
11:35 December 6, 2009 by bmwlee
Agree above from Quinault. We have an XC90. We enjoy it very much. We held off buying another Volvo because Geely would likely take it over. I don't want Chinese cars or parts. Once I know that I am getting Chinese parts for my Volvo XC90, I am going to replace it! I know Chinese better than any American knows them.
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