Volvo Cars: “The recession is over”
Volvo Cars may finally have reached the turning point as sales increased last month.
Volvo Cars, based in Sweden but owned by Ford Motors, said that its global sales swelled 3.7 percent in August – despite falling figures in Europe.
“The recession is over, you can be sure of that,” the company’s chief executive officer Stephen Odell told the TT news agency as he cut up the cake at the Frankfurt car show to celebrate. “I’m not claiming victory yet, but the summer could have been a turning point.”
In Europe the company lost 11 percent of its sales, compared to last year. But the fall on the important European market gave the impression of leveling off as sales were up 6.6 percent in July. In total the European car market rose 3 percent last month, according to the European Automobile Manufacturers Association (ACEA).
To meet increasing demand, as the global recession is fading away, Volvo plans to increase production with 10,000 vehicles ahead of the forth quarter. The plant on Torslanda, southwest Sweden, is at the moment running on overtime to meet swelling demand after several months of production below capacity.
Gothenburg-based Volvo Cars, that’s up for sale by its owner Ford Motor Company, made a second-quarter pre-tax loss of $231 million, compared with a loss of $120 million a year ago.
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Last Updated (Tuesday, 15 September 2009 14:18)
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