13 December 2018

Volvo Car 2013 sales up 1.4% on China gains, WSJ says

Volvo Car Corp., which was acquired by China’s Zhejiang Geely Holding Group in 2010, posted 1.4 percent sales growth last year, sparking hopes that the company is inching closer to a sustainable future, the Wall Street Journal reported Thursday. The sales growth came amid enormous gains in China over the second half of 2013, which offset continued weakness in the US market, the report said. The 2013 performance came after a 6 percent sales decline in the previous year, which led to financial losses. By employing a series of costs cuts starting last year, the company was able to lower the break-even point for Volvo to around 425,000 vehicles sold, the paper said. At the same time, the Swedish automaker ramped up focus on China, enabling the company to meet its volume target, it said.

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