Volvo Cars reports loss amid bump in sales
4 Sep 2013, 17:36
Published: 04 Sep 2013 17:36 GMT+02:00
The company attributed the negative result to high discount levels and unfavourable exchange rates.
"The result is as expected and in line with the challenging targets we have set ourselves," Volvo Car Group CEO Håkan Samuelsson said in a statement.
"We are adjusting to market circumstances by implementing a cost-savings programme and reviewing costs in all areas of our business."
Volvo also reported a monthly global retail sales rise of 4.7 percent for August compared to 2012, selling 26,998 units for the month in 2013. In China, Volvo sales jumped up by 66 percent for August. However, global sales remained down by 2.5 percent globally from January through August.
While sales in Sweden also dipped by 1.2 percent in August to 2,981 cars, the company said it maintained a leading position in the market.
The United States, meanwhile, became Volvo's number one market in August, will 5,519 cars sold, despite a decrease of 11.9 per cent compared to the same month last year.