AutoBeta(AutoBeta.net)07/22 Report--

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According to domestic media reports, Volvo recently released its operating data for the first half of 2019. Volvo's first-half revenue reached 130.1 billion Swedish kronor (95.6 billion yuan), up 5.9 percent year-on-year, according to data.

From January to June this year, Volvo's revenue reached 130.1 billion Swedish kronor (95.6 billion yuan), up from 122.9 billion Swedish kronor in the same period last year, up 5.9% year-on-year, but operating profit (EBIT) was 5.5 billion Swedish kronor, down from 7.8 billion Swedish kronor in the same period last year, down 29.6% year-on-year; Net income of 3.4 billion Swedish kronor, down 38.8% from 5.6 billion Swedish kronor in the same period last year.

Volvo official said: In the first half of this year, Volvo global sales reached 340,000 vehicles, an increase of 7.3% year-on-year. Among them, China, the United States, Europe and other regional markets are growing rapidly. Volvo sold 67,700 vehicles in China in the first half of this year, up 10.2% year-on-year, 174,000 in Europe, up 6.1% year-on-year, and 47,600 in the US, up 5.2% year-on-year, according to data released by Volvo. The increase in performance in the first half of the year was mainly due to the increase in its global sales volume.

Starting this year, Volvo plans to launch a new round of cost-cutting, cutting fixed costs by 2 billion Swedish kronor ($214 million). Volvo said the new cost-cutting measures would start in the second half of this year and continue until the first half of 2020. Samuelson said these cost-cutting plans would include further job cuts, but mainly cost cuts to save another SEK 1 billion. Volvo has unveiled a plan to suspend employee bonuses after profitability fell for the first time since 2012 and margins continued to deteriorate.

Volvo CEO Samuelson said Volvo sales growth was strong despite a downward trend in car markets such as China. Volvo's operating profit has fallen due to increased pricing pressures and tariffs, although cost-cutting measures taken earlier this year will take effect in the second half of the year. The combination of expected continued volume growth and cost reduction measures will result in an increase in second-half profit compared to the same period last year.

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