The turnover of Volvo Cars climbed compared to the pandemic very weak period of the previous year thanks to increased sales by a good quarter to 141.1 billion Swedish crowns, as the company announced on Friday in Gothenburg. That is the equivalent of almost 15 billion francs and it is more than was implemented in the first six months of 2019 before the Corona crisis.
The earnings before interest and taxes were 13.2 billion crowns, which corresponds to an operating margin of 9.4 percent. The bottom line was a net profit of 9.6 billion crowns, with a positive valuation effect from the luxury electric subsidiary Polestar. A year ago, like most automakers, Volvo was in the red.
There was initially no news about the proposed IPO. A final decision depends on market conditions and there is no security for a listing, it said. Geely’s Chinese took over Volvo Cars in 2010 for $ 1.8 billion from the US auto company Ford.
The car manufacturer Volvo Cars has been separated from the Swedish commercial vehicle manufacturer Volvo AB for decades, in which Geely also has a stake. Geely owner Li Shufu is also the largest single shareholder in the German Daimler group with a stake of around 9.7 percent.