Volvo optimistic of 2020 recovery
Volvo Cars has reported that revenue fell by 14.1% to SEK111.8bn (£9.8bn) in the first half of the year, while global sales fell by 20.8% to 269,962 cars.
The company returned to sales growth in China in the second quarter and made up much of the ground lost in the first quarter, as it recorded an overall sales drop of only three per cent in the first half of the year.
The US also returned to growth in June, although sales fell by 13.7% year-on-year in the first half, while sales in Europe were 29.5% lower during the six-month period.
Håkan Samuelsson, chief executive of Volvo Cars, said: “The downturn we saw in the first half is a temporary one. We expect to see a strong recovery in the second half of the year. If the market recovers as we expect, we anticipate sales volumes to return to the levels we saw in the second half of 2019, and it is our ambition to return to similar profit levels and cash flow.”
