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Zhejiang Geely's Volvo Cars Earns 19% Less in 4Q24; NEV Sales Up 32%
Recommend 16 Positive 21 Negative 11 |
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Volvo Cars, a subsidiary of Zhejiang Geely, announced its results for 4Q24. The quarterly net profit sank 19.5% YoY to SEK2.503 billion. Basic EPS was SEK0.84. The operating profit fell by 28.5% YoY to SEK3.853 million, including an impairment of the battery joint venture Novo Energy of SEK1.7 billion. The company sold 202,500 vehicles in the quarter, up 1% YoY. Among which, sales of new energy vehicles (NEVs) elevated 32% YoY to 96,000 units, accounting for 47% of total NEV sales, of which 41,600 units, or 21%, were battery electric vehicles (BEVs). Sales in China dropped 6% YoY to 43,300 units, while sales in the U.S. faded 2% YoY and sales in the U.K. added 32% YoY to 17,200 units. AAStocks Financial News |
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