Volvo Cars sales rise on strong China growth
Published: 09 Jan 2014 16:10 GMT+01:00
Updated: 09 Jan 2014 16:10 GMT+01:00
Volvo Cars cited "fantastic growth" in China as one of the main drivers behind an increase in annual sales, the Swedish automaker announced on Thursday.
The Asian country became Volvo's first market at the end of last year, during which the company sold 427,840 cars, 1.4 percent more than in 2012.
"After six consecutive months of growing sales we can report a great full-year performance exceeding last year's results," Volvo Cars Marketing, Sales and Customer Service executive Alain Visser said.
"Our China team has delivered fantastic growth and we will continue to expand our presence there."
The figures vary sharply from country to country.
In the United States, still Volvo Cars' strongest market for the entire 2013, sales were down by 10 percent compared to 2012.
The company hinted at a need to broaden the product range in the country.
"We have new products reaching US showrooms soon," Visser said.
In China, the 45.6 percent growth recorded in 2013 was distorted by an underestimation of sales in 2011 and an overestimation in 2012, detected by Volvo in the beginning of last year.
Last year, Volvo opened its second and third Chinese factories with the support of the China Development Bank.
In Sweden, its third largest market, Volvo Cars increased its market share to 20 percent, with sales up by 0.8 percent.
The company, which intended to return to operating at breakeven in 2013 after repeated losses since the second quarter of 2011, did not provide any profit figures.
Volvo Cars, acquired by Geely in 2010, is independent from truck maker Volvo Group since 1999.