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Profits Skid 22% for Volvo Cars
Volvo Car Corp. reports its first-quarter vehicle sales grew 9% to 161,300 units on gains in all major markets. Revenue climbed 11% to 62.9 billion kronor ($6.7 billion).
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Volvo Car Corp. reports its first-quarter vehicle sales grew 9% to 161,300 units on gains in all major markets. Revenue climbed 11% to 62.9 billion kronor ($6.7 billion).
But net income in January-March plunged 22% to 2 billion kronor ($212 million). The Swedish carmaker says earnings were sapped by higher tariffs and greater pricing pressures in several markets.
Volvo’s pretax margin shrank to 4.6% from 6.4% in the same period last year. The company predicts continued gains in unit sales and revenue this year. But it cautions that adverse market conditions will continue to put pressure on margins.
Volvo adds that its capital spending will decline slightly this year. The dip comes after an “intense” period of investments in new technologies and efforts to expand its global market presence.
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