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Issue #591

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2014 Media Kit

Volvo Cars returns to profit, aims for faster US growth than market

By: | at 03:30 PM | International Trade  

Chinese-owned Swedish carmaker Volvo Car Group has returned to profit and is aiming for a bigger share of the market in the United States, its biggest market, in 2014.

Chief Executive Hakan Samuelsson said at the Detroit Motor Show that the firm, which ran a loss in the first half of 2013, was “back in the black”.

The company’s global sales rose by 1.4 percent in 2013, thanks to a 46 percent jump in sales in China which almost overtook the United States as its biggest market. U.S. sales fell by 10 percent.

“We are committed to improving our sales performance in the market this year and bring the Volvo brand back to its former glory in the U.S.,” the firm said in a statement. r.reuters.com/rad95v

Volvo is also banking on continued strong growth in China, the home of its parent Zhejiang Geely Holding Group Co. , to help it reach its target of roughly doubling sales to 800,000 cars by 2020. (Reuters)