STOCKHOLM: Sweden’s Volvo Car Group reported a 8.2% rise in operating profit on Thursday for the second half of 2020, and said it would improve profitability to pre-corona levels this year if market conditions continue to normalise.
The Gothenburg-based carmaker, owned by China’s Geely Holding, reported July-December operating earnings of 9.50 billion Swedish crowns ($1.1 billion) versus 8.78 billion in the year-ago period.
Volvo Cars reported last month sales growth of 6% in December, while full-year sales dropped 6% to 661,713 cars. Sales in the second half of 2020 were the strongest in the firm’s history.