Volvo beats pandemic blues, posts record sales in the first 6 months of the year1 min read . Updated: 23 Jul 2021, 03:25 PM IST
Volvo said it has been the best half-year result the carmaker has seen in terms of sales and operating profit in its 94-year history.
Volvo Cars is on track to record one of its best years as far as sales is concerned as it reported a more than 26 per cent growth year-on-year in half year sales today. The Swedish carmaker said its sales in the first half of the year has surpasses pre-pandemic levels.
Since January this year, Volvo has sold 380,757 vehicles around the world. The sales figures also beat the 340,826 vehicles sold in the first half of 2019. According to the carmaker, Volvo's sales volume has rebounded 41 per cent compared to the pandemic-affected period in 2020.
Volvo said it has been the best half-year result the carmaker has seen in terms of sales and operating profit in its 94-year history. However, the carmaker appeared cautious when predicting outlook for the entire year. Volvo has cautioned that the semiconductor crisis may impact its good run in the next half of the year. "Unless supply of semiconductors improves, we expect flat sales and revenue growth for the second half year compared with the same period last year, despite strong customer demand," Volvo said in a statement issued today.
Volvo’s Recharge models, which are the electric cars from the brand, saw rising demand during the first six months. The sales of its fully electric and plug-in hybrid cars have grown up to 25 per cent of the entire sales volume across the world.
Volvo Cars aims to become the fastest transforming company in the sector and to be fully electric by 2030. "Volvo Cars has a decade-long track record of successful transformation. The car industry is changing more than ever, and we have a strong determination to be the fastest transformer," said Hakan Samuelsson, chief executive of Volvo Cars.
Earlier this week Volvo decided to move away from its Chinese owner Geely's shadow, by buying out its stake in the joint venture in China. Volvo will now take full control over its car manufacturing facilities and sales operations in the world's largest car market as soon as the decision gets a nod from the regulators. Volvo is also considering to launch its initial public offering (IPO) and stock market listing.