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Volvo Cars expects to end year positively

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Volvo Cars expects to end year positively
Volvo President and CEO Stefan Jacoby at his appointment on August 16
14:24 CEST+02:00
Volvo Cars continues to guide for a full-year positive result after announcing it has achieved an operating profit in the third quarter.

The company said that sales volume grew 12.5 percent to 272,555 retail sales units for the year to date and attributed the growth to its most complete product portfolio ever and market strategies that delivered strong sales in all regions.

"This gives us a good platform in our aim for a full year positive result. It is the third consecutive quarter that Volvo Cars has achieved a positive result, which is very encouraging for the whole company," Volvo Cars President and CEO Stefan Jacoby said in a statement.

Volvo Cars will not disclose profit details until its full-year earnings report, the company added.

"Q3 this year represents a transition period between the Ford Motor and Zhejiang Geely Holding ownerships. This means that the next financial report will be the full year earnings report for 2010," said Volvo Cars' acting deputy CFO Hans Oscarsson in a statement.

The company singled out continued global success for the Volvo XC60 crossover, its best-selling model, strong demand for its range of fuel-efficient DRIVe vehicles in Europe and gaining momentum for the Volvo S60 sedan and Volvo V60 sports wagon models.

Volvo achieved several milestones during the third quarter. Geely officially completed its acquisition of the company on August 2nd, the same day a new board of directors chaired by Geely chairman Li Shufu held its first meeting.

Meanwhile, Jacoby was appointed to his positions on August 16th.

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