AutoBeta(AutoBeta.net)04/08 Report--

On April 7, Volvo released production and sales figures for the first quarter of 2020, selling a total of 13.19 new cars worldwide from January to March, down 18.2% from a year earlier. In March, Volvo sold a total of 46400 new cars worldwide, down 31.2 percent from a year earlier. As for the reason for the sharp decline in sales, it is mainly because the current epidemic in Europe and the United States is in a state of outbreak, car production and car consumption are subject to certain restrictions.

Specifically, Volvo's cumulative sales in the European market fell 18.5 per cent year-on-year to 70500 vehicles in the first quarter, with March sales falling 35.0 per cent to 24200 vehicles. In March this year, Europe included Germany and France. Volvo's performance in March was seriously affected by concentrated outbreaks in Britain, Italy and other countries.

In the US market, Volvo's cumulative sales from January to March fell 11.7 per cent from a year earlier to 19500 vehicles, of which March sales fell 42.7 per cent to 5487 vehicles. At present, the United States has become the epicenter of the epidemic. Most states in the United States have adopted blockade measures. Car factories have stopped production and car dealers have stopped sales, causing Volvo's sales in the United States to fall by more than 30% in the first quarter compared with the same period last year.

In the Chinese market, Volvo's cumulative first-quarter sales fell 30.5 per cent year-on-year to 20800 vehicles, including a 16.3 per cent year-on-year decline in March sales to 9560. The Chinese market remains Volvo's largest single market, but Volvo's sales in China have fallen sharply as a result of the epidemic. As the epidemic was effectively brought under control, Volvo's sales picked up in March, and its three domestic factories resumed work in early March. However, Volvo still fell 30% in the first quarter due to a decline in sales in January and February.

It is understood that Volvo's high-performance electrification brand Jixing has begun to produce hybrid and electric vehicles in Chinese factories. On March 26, Polar announced that it would officially start the production process of Polar 2 in China's road and bridge factory, and the first model, the Polar 1 hybrid coupe, was put into production in China in August last year. In addition, there are media reports that Polar Star will soon release its third model, which will be its first all-electric SUV model, which will be unveiled as soon as 2021, pitting Model X and Mercedes-Benz EQCs.

Volvo, on the other hand, is speeding up its merger with Geely. On Feb. 10, Geely announced a merger with Volvo, which will be listed in Hong Kong and Stockholm. According to the market capitalization of the two companies, the merged company will become the most valuable automobile company in the country. at present, the two sides have completed the recruitment of consultants on the merger and are studying the specific plan for the merger, which will be announced in time once it is formed.

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