AUTONEWS

Volvo profit plummets

Profit of Swedish vehicle maker Volvo fell 38.8% in the first half, compared to the same period in 2018, to 323 million euros, the company said on Thursday.
The automobile company, owned by China's Geely, said Thursday that it has increased its market share and sales in all regions where it operates despite the general slowdown affecting the sector.
"For the year as a whole we expect continued growth thanks to our strong product portfolio and growing production capacity," said Managing Director Håkan Samuelsson.
"Despite today's challenges for the automotive industry, which remains pressured by margins, our plans and increased sales are expected to boost earnings in the second half of the year," he added.
Investment in research and development increased 28.8% year-on-year and stood at 599 million euros between January and June.
Turnover, in turn, increased by 5.9 compared to the first half of 2018 to 12,364 billion euros.
Volvo sold 340,826 vehicles in the first half, 7.3% more than in the same period last year, with sales up 10.2% in China, 6.1% in Europe and 5.2% in the US.