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August 06 2018

Volvo Cars reaches global sales high, after reporting record figures in July

Scandinavian car Manufacturer, Volvo, has reported its highest sales figures to date, a month on from reporting a staggering operating profit of SEK 4.2 billion for the second quarter of 2018.

The operating profit – the biggest the company had seen to date – is an increase of 28.6%, compared to the same figures from 2017. The increase is likely due to the company’s recent growth in global sales, with Volvo firmly on the map as one of the leading car retailers. With a strong leaning towards sustainability in its vehicles, Volvo is proving a hit with car buyers worldwide, and this is reflected in its growing vehicle uptake, with motorists across the globe.

In 2010, Volvo Cars was acquired by Zhejiang Geely Holdings, and has since gone through a period of transition, with a fully transformed operations division, allowing it to expand its global manufacturing footprint. The takeover has also allowed for a completely renewed model portfolio over the past few years, with the all new V60 premium estate, and the S60 premium sedan rolling off the factory lines. The company has also opened its brand-new manufacturing facility in South Carolina – the first Volvo plant in the US.

Commenting on the global sales figures, president and chief executive Hakan Samuelsson said:

“These results confirm that Volvo Cars is now well-positioned for a new period of sustainable growth. I expect us to achieve another year of record sales in 2018, as we aim to establish ourselves as a diversified, global mobility provider under our new vision – Freedom to Move.”

In July 2018, Volvo Cars reported its strongest sales to date, with global sales up 15% compared with the previous years’ sales – continuing Volvo’s sale momentum. With sales growing across all main markets, the company sold a total of 50,931 cars in July alone, which adds to the total of 368,570 cars sold in the first seven months of 2018.

All of Volvo’s global markets reported sales increases in the first half of 2018, with the US market growing 23.8% in July; Volvo’s largest market, China, grew 9.2%; and the company’s European market increased by 10.1%.

Globally, the most popular of Volvo’s vehicles is the Volvo XC60, which has had a popular year so far. In the first seven months of 2018, Volvo has sold 103,017 XC60s, compared with 3,256 models being sold across the same period in 2017. Coming in second place with global popularity is the XC90, with 54,815 units having been sold, compared to 46,733 last year; and, the Volvo V40 and V40 Cross Country following third with 47,719 vehicles sold.

All figures provided are those of the manufacturer, and are not those of Go Green Leasing

Posted on 6th August 2018 at 11:18AM

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