Volvo Cars reports record sales for 2018

CNC
Added On February 9, 2019

China-owned Volvo Cars on Thursday said the company sold a record number of cars in 2018, but net profits still dipped.
 
Volvo's net income for the year was around 1 billion U.S. dollars, down 4.5 percent compared with 2017.
 
The car company sold more than 642,000 vehicles in 2018, its fifth consecutive year of record sales.
 
It sold about 130,000 cars in the world's largest car market, China, a year-on-year increase of more than 14 percent.
 
Sales in the United States, Volvo's second largest market, increased by 20 percent year-on-year to about 98,000 cars.
 
The company also reported growth in most European markets where sales in the region were up over 6 percent.
 
Chief executive Hakan Samuelsson said in a statement that "Revenue growth and sales in 2018 were healthy, but profitability was affected by external factors such as tariffs and increasing price competition in several markets."