“The recession is over, you can be sure of that,” Odell told the TT news agency as he celebrated with cake at the Frankfurt Motor.
“I’m not claiming victory yet, but the summer could have been a turning point.”
While Volvo’s global sales increased by 3.7 in August, the company continued to struggle in the important European market.
In Europe, Volvo sales dipped by nearly 11 percent in August in a market in which car sales rose by 3 percent overall, according to the European Automobile Manufacturers Association (ACEA).
But Volvo’s declining sales trend in Europe appear to be leveling off, with sales in July actually increasing by 6.6 percent for the month of July compared to last year.
Altogether, Volvo sold a total of 33,693 cars in Europe during July and August.
The company’s plant in Torslanda in western Sweden, which has been running below capacity in recent months, is now working overtime to keep up with increased global demand.
Ahead of the fourth quarter, Volvo management has boosted its production plan by 10,000 vehicles for both Torslanda and Volvo’s plant in Ghent, Belgium.
Meanwhile, the downward sales trend continued for Sweden’s other auto manufacturer, Saab, which saw European sales plummet by more than 60 percent in both July and August, compared to the previous year.
The company only sold 3,024 cars in the two month period compared to 7,921 cars during the same period in 2008.