Volvo Automobiles braces for difficult 2023 after quarterly revenue falls By Reuters


© Reuters. FILE PHOTO: An worker at a Volvo automobile seller, sporting a protecting masks is seen in a showroom, in Brussels, Belgium, Could 28, 2020. REUTERS/Yves Herman/File Photograph

By Marie Mannes

STOCKHOLM (Reuters) -Volvo Automobiles stated on Thursday 2023 was prone to be one other difficult 12 months regardless of wholesome demand for its automobiles because the Swedish carmaker reported a fall in quarterly revenue.

Volvo Automobiles, which is majority-owned by Chinese language automotive firm Geely Holding, stated its fourth-quarter working revenue dropped to three.4 billion crowns ($322.2 million)from 3.7 billion crowns a 12 months earlier.

“Whereas 2023 appears to be like to be one other difficult 12 months, we’re hopeful that the COVID-related provide shortages from China are behind us and that we proceed to see regular enchancment within the provide of semiconductors,” it stated in an announcement.

“Regardless of the worldwide turbulence, uncertainty and our latest value will increase, we proceed to see wholesome demand for our vehicles,” Volvo Automobiles stated, including it anticipated a “strong” double-digit progress in retail gross sales throughout 2023.

Volvo Automobiles and its friends have confronted lingering chip shortages over the previous 12 months which have periodically hit manufacturing with the Sweden-based firm pressured at instances to halt manufacturing at some factories quickly.

Different provide chain points, the power disaster and red-hot inflation have additionally made the highway extra troublesome for the corporate.

Nevertheless, Volvo Automobiles reaffirmed its mid-decade targets, which embrace by 2025 promoting 1.2 million vehicles per 12 months. Some analysts had stated forward of the report the goal was too bold and could be extra real looking a number of years later.

“We stay uncertain whether or not the corporate will be capable of obtain these targets earlier than 2027 and assume the corporate must considerably stretch its definition of ‘mid-decade’,” Bernstein stated.

Toyota Motor (NYSE:), which additionally reported outcomes on Thursday, minimize its annual manufacturing goal in November and once more on Thursday. This, like Volvo, is regardless of its automobiles gross sales rising.

December was the strongest month ever in vehicles produced for Volvo.

The corporate as soon as once more proposed not paying a dividend.



Source link

Related articles

Can Bitcoin Value Maintain Its Bullish Momentum? Analyst Identifies Native High At $113K

Trusted Editorial content material, reviewed by main business consultants and seasoned editors. Advert Disclosure The Bitcoin value efficiency has been excellent over the previous week, reaching a brand new all-time excessive. Within the late...

Newsquawk Week Forward: Nvidia earnings, FOMC Minutes, US PCE, RBNZ, Aussie CPI, OPEC JMMC

Mon: US Vacation (Memorial Day), UK Vacation (Financial institution Vacation)Tue: NBH Coverage Announcement; German GfK (Jun), French Prelim. CPI (Could), EZ Shopper Confidence (Could), US Sturdy Items (Apr), Dallas Fed (Could)Wed: RBNZ Coverage...

You will quickly have the ability to begin a Spotify Jam instantly in your automobile

No must go the aux anymore as a result of Spotify is bringing its Jam characteristic to vehicles with Android Auto and Google built-in. As revealed throughout Google I/O, Spotify Jam will probably...

Why a brand new anti-revenge porn legislation has free speech consultants alarmed 

Privateness and digital rights advocates are elevating alarms over a legislation that many would anticipate them to cheer: a federal crackdown on revenge porn and AI-generated deepfakes.  The newly signed Take It Down Act...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com