Gross profit is down, but volume sales are up in the first quarter

Profits down, but sales up. These are the results published by the Swedish car manufacturer Volvo carsowned by a Chinese group Geely, this Wednesday, April 24. Net profit fell by 10% to 3.6 billion crowns (311 million euros) and operating profit fell by 8% to 4.7 billion crowns, as the group sold lower-quality products and recorded a smaller contribution from the company common, he said. Excluding the contribution of joint ventures, operating profit increased by 8%, according to its press release.

Sales fell 2% to 93.9 billion crowns (8.1 billion euros) due to lower subcontract manufacturing revenues and adverse currency effects. manufacturer, largely involved in the transition towards electric cars, recorded a 12% increase in unit sales to 182,700 vehicles and indicated that its sales in March reached the highest level in a single month. Its sales of electric vehicles represent 21% of its total sales, compared to 18% the previous year.

“We expect demand for our vehicles to remain strong in the coming quarters, based on our forecast for sales volume growth of at least 15% for the full year,” Jim Rowan, CEO of Volvo Cars was quoted in a press release. Volvo Cars also showed that the separation process Polestarelectric vehicle specialist (…)

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