Volvo Cars posts H1 operating loss in H1, targets full-year break-even
GOTHENBURG, Sweden, Sept 4
GOTHENBURG, Sweden, Sept 4 (Reuters) - Geely-owned carmaker Volvo Cars posted an operating loss for the first half of the year but said it may reach break-even in the full year amid a pick-up in activity in a Chinese market it hopes will underpin an expansion to record sales in coming years.
The operating loss at Volvo, wholly owned by China's Zhejiang Geely Holding Group Co. was 577 million Swedish crowns ($87.20 million, down from a 349 million profit in the same period last year.
The Sweden-based company, bought from Ford Motor Co. amid a crisis for the auto industry in 2010, reported on Wednesday sales of 56.4 billion crowns in the January through June period, down from 65.4 billion a year earlier.
($1 = 6.6171 Swedish crowns) (Reporting by Johannes Hellstrom; writing by Simon Johnson and Niklas Pollard)
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