Volvo Car Swings to Quarterly Loss on Investments, Currency
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Volvo Car Corp., the Swedish automaker owned by Zhejiang Geely Holding Group Co., said it swung to a loss in the third quarter because of spending on new technology and negative currency effects.
Volvo had an operating loss of 763 million kronor ($116 million) in the period, compared with 748 million kronor in earnings before interest and taxes a year ago, the Gothenburg, Sweden-based company said today in a statement. Volvo was profitable in the first nine months and expects to report a positive result for the full year, it said.