Volvo profits fall 19.3%
Volvo has reported a 9.4% rise in global first-quarter retail sales, with 161,320 cars sold, although profits fell by nearly 20%.
Net revenue rose 10.7% on the first quarter of 2018, although operating profit fell 19.3% and net income dropped 21.6%.
CEO Håkan Samuelsson said, ‘The sales growth in the first quarter proves the appeal of Volvo Cars’ product portfolio. We grew in all three regions and revenue continued to rise faster than volumes. Compared with last year, profitability was affected by higher tariffs and increased price pressure in many markets.’
