The company had a record sales year.
Volvo finished 2018 with its best sales year ever and now the Swedish automaker has announced its results for 2019. Helping the company sell more models in the US is a strong portfolio of crossovers including its best-seller, the Volvo XC60. What's more impressive, this strong sales year was accomplished before the recently-announced XC40 Recharge hits the market. The XC40 Recharge will be Volvo's first fully electric model and has already drawn in thousands of firm orders.
In 2019, Volvo sold 108,234 vehicles in the US (an increase of 10.4 percent compared to 2018), making this the first time the company has sold more than 100,000 units in the US since 2007.
2019 was also a great year for Volvo in the Chinese market, where the company sold 154,961 cars (an increase of 18.7 percent). In total, Volvo delivered more than 700,000 vehicles (705,452) globally for the first time in its history (an increase of 9.8 percent). As a result of these impressive sales, Volvo's revenue increased by 8.5 percent and operating profit increased by 0.8 percent.
"The year 2019 was another year of growth in which we achieved a robust financial result and continued our transformation as a company," said Hakan Samuelsson, chief executive of Volvo. "I am pleased to see that the cost efficiency actions we put in place had an effect, especially in the second half of the year."
Looking at the sales breakdown by model, the XC60 was the best-seller with 204,981 units sold (an increase of 8.2 percent). The XC40 grew even more with 139,847 units, an increase of 84.4 percent. But don't just think Volvo's crossovers are the only successful models. The V60 and V60 CrossCountry sold 68,577 (an increase of 26.8 percent) and the US-built S60 sold 42,795 units (an increase of 5.7 percent). Only the S90, V90/V90 Cross Country, and V40/V40 CrossCountry saw a sales drop in 2019.