Volvo Car Group released its first half of 2014 financial report in Stockholm, Sweden: With strong growth in key markets such as China, Sweden and Western Europe, Volvo Car Group's turnover in the first half of the year reached 64.785 billion Swedish kronor, operating profit was 1.21 billion Swedish kronor, net profit 5.35 Billion Swedish Krona. In the first half of the year, global retail sales reached 229,013 units, a year-on-year increase of 9.5%. Following the increase in operating profit for the full year of 2013 to SEK 1.9 billion, Volvo Cars has demonstrated its ability to continue to profit and demonstrate the success of its transformation strategy.
Hankow Samuelson, President and CEO of Volvo Car Group, said: "We are excited about the results of the first half of this year. With the release of the upcoming new Volvo XC90, Volvo Cars is re-emerging. Globally The market's growing demand for top-level safety and environmental performance will provide strong support for our global renaissance. With continued growth in key markets and the release of upgraded products, sales for the full year of 2014 are expected to grow by nearly 10%."
In the first half of the year, Volvo Car sales in China increased by 34.4%. China has jumped into the world's largest single market for Volvo Cars. In the second half of the year, it is expected that with the continuous expansion of market demand for domestically produced models such as the Volvo S60L and the further expansion of the dealer network, China is expected to achieve sales targets of 80,000 vehicles for the whole year.
In Sweden, Volvo Cars continued to strengthen its leading position in the local market, with sales growth of 20.2% in the first half of the year; in the Western European market, Volvo Cars continued to launch the drive with the Drive-E "E-drive smart technology" powertrain, which drove the UK In Germany, the Netherlands and other important markets, the demand for sales has increased by 8.7%. In the US market, a new management team is implementing a comprehensive recovery plan to quickly boost sales.
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