participates in this article
The bottom line is that shareholders contributed 333 million Swedish crowns (30 million euros) to profits, 85 percent less than a year ago, Volvo said in Gothenburg on Thursday. The results were weighed down by many stressors, especially the rising cost of raw materials. In addition, more semiconductors had to be purchased from the expensive market. Participation losses also contributed to the fact that the operating result decreased by 38 percent to 2.1 billion crowns. Like other car manufacturers, Volvo benefited from increased sales prices. With about 138,000 vehicles, Volvo delivered eight percent fewer to customers, but sold more cars to dealers than a year ago. Thanks to exchange rate effects and higher prices, sales increased by 30 percent to 79.3 billion crowns.
JPMorgan cuts Volvo Cars target to 60 kronor – ‘Neutral’
US bank JPMorgan has cut its price target on Volvo Cars from 70 to 60 Swedish crowns and left the rating at “neutral”. Analyst Jose Asumendi adjusted his forecast model after the press conference and lowered his estimate for the automaker, as he wrote in a second study available Thursday. In the first reaction to the quarterly report, he had confirmed the price target, but now he has reduced his thoughts on the profit in the next year by seven percent.
Volvo Car shares temporarily lost 7.16 percent on the Nasdaq Nordic to 42.99 Swedish crowns.
GOTHENBURG / NEW YORK (dpa-AFX)
Entry must be between 2 and 20
There is no data
More information about Volvo Cars
Image sources: Volvo