Volvo CEO expects flat demand in Europe this year

Article by Anita Panait, on January 22, 2014

Volvo Car Corp. chief executive Hakan Samuelsson is expecting a flat demand in the European auto sector this year as the region slowly recovers from a crisis, the Financial Times has reported. The financial paper cited Samuelsson as saying that things were clearly improving in the region. "We should not expect any growth this year but a leveling out," Samuelson told FT.

He remarked that is a positive thing since the Europe auto industry suffered a 5 percent in 2013, and carmakers had to rely on their sales in China or the United.  He added that if Europe stops shrinking, “that is a step forward," adding that demand in Germany would be crucial.

Volvo returned to profit in 2013 following a very weak 2012, and is targeting to take a larger chunk of the US market as recovery takes place. Samuelsson told FT that he saw a positive development for the US car market in 2014, expecting growth of between 2 percent and 3 percent.

"Last year we lost market share. So we have addressed that now... You cannot imagine Volvo without a strong presence in the US," he said. Volvo posted a one percent surge in global sales in 2013 to 427,840. It logged a 46-percent rise in China, but posted a 10-percent drop in the US. Volvo’s sales in Europe were flat in 2013.

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Topics: volvo, ceo, europe, sales



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