Volvo expects full-year positive result for 2010, says CEO Stefan Jacoby
By Steph, 30 Oct, 2010. 0 Comments
2011 Volvo V60
In the third quarter of 2010, Volvo Car Corp. posted an operating profit. No details were given but the company claims that it has been profitable since the beginning of the year. In a statement, the CEO of the Swedish carmaker, Stefan Jacoby, said, “This gives us a good platform in our aim for a full-year positive result." Volvo, which was purchased by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. on Aug. 2, said last Friday that it will provide detailed results when it releases its 2010 full-year earnings report, which is due in early 2011.
Geely paid $1.3 billion in cash to Ford for Volvo and it also issued a $200 million note to the US group with further payment due later this year. Geely's purchase of Volvo marked the biggest acquisition of a foreign car maker in China.
As such, this transaction is reflective of China’s quick rise in the auto world. Volvo asserted that its performance is aided by the strong demand for the XC60, its top-selling model. [via autonews - sub. required]
Latest Auto Shows
