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Geely's Volvo Cars sees wider market recovery on solid growth in China

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Volvo Cars said on Tuesday it expects its business to recover in the second half of the year, even as the automaker reported an operating loss for the January-June period.

The Gothenburg-based company, owned by China’s Geely Holding GEELY.UL, has been hit hard by the pandemic that has temporarily closed plants and strained supply chains in the industry, with lockdowns in many key markets and transport hubs.

“If the market recovers as we expect, we anticipate sales volumes to return to the levels we saw in the second half of 2019 and it is also our ambition to return to similar profit levels and cash flow,” CEO Hakan Samuelsson said in a statement.

 

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