Volvo Cars Records 5.85 Per Cent Growth In H1 2019

In the first six months of 2019, Volvo Cars has recorded a revenue growth of 5.85 per cent at ₹ 958 billon against ₹ 905 billion which it recorded in the same period last year. In the January-June period, the company sold 340,286 units across the globe, witnessing a growth of 7.3 per cent. The Swedish carmaker has increased its market share as well in quite a few markets. It recorded 30 per cent growth in the UK and 32 per cent in Germany along with strengthening its position in the US, China and other parts of Europe. In the same period, Volvo Cars in India recorded 11 per cent growth selling 1,159 units against 1,044 units sold during the same period a year ago.

Speaking about the performance, Hakan Samuelsson, president and chief executive- Volvo Cars said, “At a time when most markets in the world see stagnating car sales, we have had strong growth in the first half.” He further emphasised that the company has prioritised growth and market share during the period, capitalising on building momentum for Volvo.

The Swedish brand is also looking forward to further growth in sales and revenue and the company has already planned measures to reduce its fixed costs by ₹ 14.72 bn. The company will take actions to check its costs in the remaining half of 2019 and will continue to do so in the first half of 2020.

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