Volvo makes a profit in third quarter 2010

Chinese owned Swedish car maker Volvo have announced that it made an operating profit in the third quarter of this year.

Volvo, which China’s Zhejiang Geely Holding Group bought from Ford back in August, did not disclose all the details details, but said it has been profitable since the start of the year.

“This gives us a good platform in our aim for a full-year positive result,” Volvo CEO Stefan Jacoby said in a statement.

Volvo said its performance is being helped by strong demand for the XC60, its top-selling model.

The company said Friday that it will provide detailed results when it releases its 2010 full-year earnings report, which is due in early 2011.

Geely paid Ford $1.3 billion in cash for Volvo and issued a $200 million note to the U.S. group with further payment due later this year.

Geely’s purchase of Volvo was China’s biggest acquisition of a foreign car maker and reflects the nation’s rapid rise in the car world.

Source: Automotive News