On Wednesday, Volvo Car Group, a Chinese-owned company said it was on track in reaching its profit and sales targets for the current year as there had been a robust growth in China as well as meek gains in Europe, boosting its sales for 17 consecutive months.
Sales of Volvo jumped about 9% during the first 11 months of this year as it expects 10% increase in its full-year sales, which would be equivalent to a record high.
Hanak Samuelsson, company CEO said 2014 seemed to be a positive year for the company. An all-time high sales will be helped by the new Volvo car, while securing their profitability same as last year’s goal.
In August, the CEO expected an entire-year operating profit of nearly $265.8 million for this year, which was roughly consistent with results in 2013.
The company has noticed its turnover within the United States that was once its largest market, however, now obscured by China, wearing down over the previous decade. So far, its U.S. sales dropped 9%.
Samuelsson also expects an increase in their U.S. sales next year, however, for the current year, sales might level out roughly on where the company is now, emphasizing his hope of seeing clearer signs of recovery towards the early spring.