Volvo announced today that it had registered a loss in the third quarter but as you would think is not because it didn’t sell enough cars, it’s because it spend too much money on new technology but also due to negative currency effects. As a result, Volvo reported an operating loss of 763 million kronor ($116 million) in the period few steps behind if we look at the 748 million kronor in earnings before interest and taxes a year ago.
However, the Swedish company is expected to report a positive result for the full year.
Still, Volvo reported an operating profit of 477 million kronor in the first nine months of the year. But, Volvo has even bigger plans as it aims to double its annual sales to 800,000 vehicles by 2020 and become a rival for luxury carmakers such as Bmw and Audi as well as for Mercedes-Benz.
"There are concerns about consumer confidence given the turbulence of financial markets. At the same time I'm very pleased about the positive sales developments and the strength of our brand, and the outlook for 2011 remains positive", says Stefan Jacoby, President & CEO.