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Volvo uncovers widespread cheating by its Chinese dealers

According to a report in Reuters, the findings of an internal investigation conducted by Geely-owned Volvo is that its Chinese dealers vastly overreported their sales numbers in 2011, then even more vastly underreported their 2012 sales figures. About "half the dealers" out of the 151 total outlets gamed the system in order to get incentives for reaching volume objectives, falsely recording about 7,000 more units sold than was actually the case. Instead of 47,140 cars sold in China in 2011, the real number should have been 39,871.
Volvo corporate books a sale once it ships a car to a dealer, so that meant there were 7,000 more cars in inventory than there should have been. To restore the balance, the dealers underreported their 2012 sales while they unloaded those extra cars since, naturally, they couldn't claim the sale again. That made it look like sales declined by 11 percent in 2012, even though they actually increased year-on-year. The adjusted sales number for 2012 totalled 45,896.
Volvo has met with its dealers and told them to stop the deceitful practice. The discrepancies weren't so great that the company plans to restate its historic numbers, but from now on, it apparently plans to occasionally check inventory to make sure the numbers match and that it has a true picture of how individual models are selling.

Volvo to add 1,300 jobs, ramp up production in Sweden

The expansion of the factory is part of an $11-billion investment Volvo's Chinese owners, Geely, are making.
Volvo Cars is adding 1,300 new jobs and ramping up production at its factory in Gothenburg, Sweden, in response to increased consumer demand for its vehicles.

Volvo Cars hopes to raise $2.9 billion in its stock IPO

STOCKHOLM/LONDON — Geely-owned Volvo Cars plans to raise 25 billion Swedish crowns ($2.9 billion) through an initial public offering (IPO), the Swedish carmaker said on Monday of what would be one of Europe's biggest listings this year. Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder. In 2018, Volvo Cars and Geely, which also owns an 8.2% stake in Sweden's Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks. "Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitization," the Swedish company said in a statement. Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric models by 2030. Volvo said is targeting an operating margin of between 8% and 10% by 2025. It is also aiming for annual sales of 1.2 million cars, up 56% from the 770,000 it sold in the 12 months to June 20 this year. Electric push The carmaker said it expects 50% of sales to be fully electric cars by the middle of the decade and that 50% of sales will be made online rather than in dealerships. Volvo Cars said earlier on Monday that its sales in September fell 30% from a year earlier, dented by the global components shortage. Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion. Volvo Cars had previously said it was considering a Stockholm listing in the second half of 2021. A Volvo spokesperson on Monday said that the company had no comment on valuation or on how much of the business would be sold in the IPO. "There will be further information published in connection with the prospectus," she said. Electric-car maker Polestar, which is owned by Geely and Volvo, last week said it will go public by merging with a U.S.-listed special purpose acquisition company (SPAC) backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Volvo C40 Recharge charging