Volvo has returned to profit in third quarter
Volvo Car Corp.. managed to obtain operating profit in the third quarter of 2010. Geely bought in August, officials Swedish carmaker Volvo claim that was profitable from the beginning of the year.
Sales volume increased by 12% in first nine months of 2010, reaching 272,555 units from January to September, due to strong product portfolio and marketing strategy.
"This gives us a good platform for our target to record positive results throughout 2010," said Stefan Jacoby, president and CEO of Volvo Car Corporation. "It is the third consecutive quarter where we have positive results, which we are very encouraging for our company," the official Volvo completed in a short press release the company released Friday.
Volvo has revealed details about profit at this time. "Third quarter of this year is a transitional period between Ford Motor Company and Zhejiang Geely Holding Company. This means that the next financial report will be at the end of the year 2010, the results being published in early 2011, "said Hans Oscarsson, CFO at Volvo.
According to the company, the positive results achieved so far were due to higher sales of the most complete portfolio of products ever:
- Continued global success for Volvo XC60, the Swedish best-selling model
- Significant demand for efficient Volvo DRIVe range in Europe
- The new Volvo S60 sedan and the Volvo V60 sports wagon
In the third quarter were some important events in the Volvo Cars:
- August 2 closed the sale to the Chinese Geely
- A new managerial board, led by Li Shufu, was appointed the head company, also on August 2
- Fos Stefan Jacoby appointed president and CEO at Volvo Car Corporation on August 16.
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