Record! Volvo Cars sales witnesses big jump in revenue - Check data details

In a big accomplishment, Volvo Cars has reported record revenue for the first six months of 2019 of SEK130.1 billion, up from SEK122.9 billion year-on-year. (1 Swedish Krona SEK = 7.36 Indian Rupees)

For the first six months, sales amounted to a record 340,286 cars, a year-on-year increase of 7.3 per cent. "During the period, Volvo Cars grew consistently faster than the overall market," the Swedish luxury vehicles manufacturer said in a statement.

The company has gained market share across the US, China and Europe, with the UK and Germany recording growth of 30 per cent and 32 per cent respectively. 

The overall passenger car market in the US declined by 2.0 per cent in first half, while China and Europe fell by 9.3 percent and 3.1 percent respectively during the same period.

Håkan Samuelsson, president and chief executive, said, "The company has prioritised growth and market share during the period, capitalising on the building momentum for the Volvo brand generated by an all-new line-up of award-winning models."  Samuelsson further adds, "At a time when most markets in the world see stagnating car sales, we have had strong growth in the first half."

"Volvo Cars has initiated additional cost measures within the company on top of already planned measures, which combined, aim to lower fixed costs by SEK2 billion. These actions will come into effect in the second half of the year and running into the first half of 2020," a company statement said.