• Sweden's news in English

Volvo Cars reports sales, profits boost

TT/The Local · 12 May 2011, 14:09

Published: 12 May 2011 14:09 GMT+02:00

Facebook Twitter Google+ reddit

Volvo's 2010 profits amounted to a an improvement of 7.5 billion kronor from 2009, the year that former US-based owner Ford brokered a deal to sell the then loss-making Swedish carmaker to China-based Geely.

"Now we're readjusting, from defense to offense in all areas,” he told news agency TT.

Sales were up by 11.6 percent, landing on a total of roughly 373,000 cars sold in 2010, compared to 334,000 cars the previous year.

2010's turnover was reported as 113 billion kronor, also marking a considerable increase from 2009 results.

Results continue to look good for Volvo in early 2011.

During the first quarter, the company turned a profit of 640 million kronor, which is an improvement of no less than 78 percent compared to the same period in 2010.

All regions have also reported an increase in sales volume.

"This is the fifth quarter in a row that we've shown profits. But we are vulnerable. We're still like a small flower, dependant on several factors in our surroundings, and it will be some more years before Volvo is sustainably profitable,” Jacoby said.

He forecast some major investments during coming years, which may put Volvo under strain. Jacoby couldn't promise that profits would continue for the rest of the year, remaining in his predictions for car sales in 2011.

"We see some possible storm clouds. Among other things the rising price of raw materials, and the strong Swedish krona, so I can't promise continuing profits for the rest of the year, as we continue to grow,” he said,

Enterprise minister Maud Olofsson welcomed Volvo's positive results.

Story continues below…

"This is very good news. We had so much work when Volvo was in trouble. And at the same time, that showed that a strong commitment from the company, a strong financier with the muscles to develop both production and sales, is necessary. I also believe that the access that has been granted to the Chinese market has given the company an energy injection," she told TT.

"Both management and employees have put in a great deal of work to reach this result, and I congratulate them,” concluded Olofsson.

TT/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Presented by Invest Stockholm
One expat's strategy for making friends in Stockholm

You might think it’s hard to make friends in a new city. But if at first you don’t succeed – try something else!

Injured Swedish photographer protected by 'guardian angel'
Swedish photographer Paul Hansen on another occasion. Photo: Fredrik Sandberg/TT

Photographer Paul Hansen thanked his lucky stars for surviving sniper fire while covering the battle for the Isis-held city of Mosul in Iraq.

How Sweden is trying to smooth relations with Saudis
Swedish Prime Minister Stefan Löfven meeting Saudi Arabia's Trade Minister Majid bin Abdullah Al Qasabi. Photo: Henrik Montgomery/TT

Sweden's Prime Minister Stefan Löfven has visited Saudi Arabia a year and a half after relations turned frosty in a major diplomatic row.

My Swedish Career
'Swedish people love it, but they find it quite odd'
Scottish entrepreneur William Macdonald. Photo: Michael Campanella

Meet the web developer and entrepreneur using traditional Scottish ceilidh dancing to break the ice with Swedes.

Swedish photographer shot near Mosul
Hansen was being operated on in the Iraqi city of Erbil on Sunday. Photo: Nora Lorek/ TT

Paul Hansen, a photographer working for Swedish daily Dagens Nyheter, has sustained light injuries after being hit by what appears to be a sniper while covering the battle for the Isis-held city of Mosul in Iraq.

Trollhättan remembers school attack victims
'It was an attack on all of Sweden,' Education Minister Gustav Fridolin said. Photo: Thomas Johansson/ TT

Hundreds of people on Saturday turned out for a torchlight procession in the small town of Trollhättan in southwestern Sweden to honour the victims of last year’s deadly school attack there.

Sweden wants emission- free cars in EU by 2030
Photo: Jessica Gow/ TT

Sweden's environment minister on Saturday urged the European Union to ban petrol and diesel-powered vehicles from 2030.

Hundreds protest Swedish asylum laws
Around 1,000 people protested in Stockholm. Photo: Fredrik Persson/ TT

Hundreds of people on Saturday demonstrated in Stockholm and in many other parts of the country to protest Sweden’s tough new laws on asylum-seekers.

Swedish terror suspect ‘planned airport attack’
Swedish terror suspect Osama Krayem. Photo: Facebook

Swedish national Osama Krayem, linked to the deadly attacks in Paris on November 13 and in Brussels on March 22, is now suspected of having plotted to attack also the Schiphol airport in the Netherlands.

Dylan removes Nobel-mention from website
The American musician has more or less responded to the news with silence. Photo: Per Wahlberg

American singer-song writer Bob Dylan has removed any mention of him being named one of this year’s Nobel Prize laureates on his official website.

Sponsored Article
This is Malmö: Football capital of Sweden
People-watching: October 21st-23rd
Sponsored Article
Where is the Swedish music industry heading?
Fury at plans that 'threaten the IB's survival' in Sweden
Analysis & Opinion
Are we just going to let half the country die?
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Angry elk chases Swede up a lamp post
Sponsored Article
Stockholm: creating solutions to global challenges
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
People-watching: October 20th
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Sponsored Article
Swedish for programmers: 'It changed my life'
Swede punches clown that scared his grandmother
Sponsored Article
Top 7 tips to help you learn Swedish
Fans throw flares and enter pitch in Swedish football riot
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Property of the week: Linnéstaden, Gothenburg
Sponsored Article
Stockholm: creating solutions to global challenges
Swedish school to build gender neutral changing room
People-watching: October 14th-16th
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
Man in Sweden assaulted by clowns with broken bottle
Sponsored Article
Where is the Swedish music industry heading?
Nobel Prize 2016: Literature
Sponsored Article
Last chance to vote absentee in the US elections
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Record numbers emigrating from Sweden
People-watching: October 12th
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
How far right are the Sweden Democrats?
Property of the week: Triangeln, Malmö
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
Nobel Prize 2016: Chemistry
jobs available