Volvo Cars to report 2013 operating profit
STOCKHOLM (Reuters) - Chinese-owned Volvo Car Group said on Tuesday it would report an operating profit for 2013 as growth in key markets such as China and helped it recover from a first-half loss.
CEO Hakan Samuelsson said in a statement Volvo was heading into another profitable year in 2014, thanks also to an improved product line. It expects to sell "a good" five percent more cars than the 427,840 sold in 2013.
"The growth story will continue in the coming year," Samuelsson said.
Full details will be provided on March 21, Volvo said.
Volvo's two largest markets are the United States and China. In China, Volvo sales rose 45.6 percent to 61,146 cars in 2013.
Volvo, which is now owned by Zhejiang Geely Holding Group Co. GEELY.UL, said new models such as the S60L, the sales start of the V40 Cross Country and a further expansion of the dealer network would support its continued growth in China.
On Monday, Volvo said vehicle sales in February were up 4.6 percent on a year ago - the eighth consecutive month of growth for the Chinese-owned firm.
(Reporting by Mia Shanley; editing by Niklas Pollard)
