Volvo shares fall after BMW hits new high for sales of sports car September 20, 2021 September 20, 2021 admin

Volvo shares fell as BMW hit new highs for sales in the third quarter as the world’s most valuable automaker seeks to stem a sharp drop in sales from its luxury sports car division.

The Swedish carmaker reported third-quarter sales of 3.1 million vehicles, its highest since the second quarter of last year.

That beat analysts’ estimates of 2.9 million.BMW’s new-car sales hit their highest level since the third-quarters of 2016, as the company aims to boost profitability as it tries to turn around a business that is already reeling from the fallout from the diesel emissions scandal.

In the fourth quarter, Volvo posted a record profit of 5.3 billion Swedish crowns ($7.7 billion), or 13.5 percent of the market, which was the largest in the world, according to the Stockholm-based carmaker.

It beat forecasts of 5 billion crowns for the period and also beat analysts expectations of 539 billion crown for the same period.

Volvo shares fell 3.9 percent to 1.99 percent in afternoon trading in Stockholm, the lowest since November 4.

The S&P 500 index of smaller companies fell 1.7 percent to 2,749.05.

Bundesliga football champion Borussia Dortmund reported third straight record-breaking season, as it beat a 2-0 Champions League quarter-final loss to Juventus.

The Borussia star said he was “happy” after the game because he was proud of his team and his coach.

“We are very happy, we were able to play like this,” Dortmund’s Borussia U-23 manager Thomas Tuchel said.

The win was the first of a four-game unbeaten streak for Dortmund, which defeated Arsenal 3-0 in the Champions League.

The result will boost Dortmund’s place in the top four of the German league table, which is currently held by Bayern Munich.

The Bundesliga is expected to finish ahead of the top-four in 2019.

Volkswagen shares fell more than 10 percent to close at $3,819.23.

The German automaker said the dieselgate emissions scandal would impact its future profit.

Volvos cars sold in the U.S. are now at the highest levels since at least 2006.

BMW reported a record-setting 3.2 million sales, a third straight year of sales gains.

It also posted a profit of 3 billion crown ($4.7) for the quarter, a record in the automotive industry.

Volva’s sales rose 6.5 per cent in the fourth-quarter to 929,000 vehicles.