Geely's Volvo Cars has reported global first quarter 2019 retail sales up 9.4% to 161,320 cars. Revenue rose 10.7% year on year to SEK62,910m.
However, operating profit fell 19.3% to SEK2,919m and net income was down 21.6% to SEK2,005m.
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EBIT margin fell to 4.6% versus 6.4% a year ago
CEO Hakan Samuelsson said in a statement: "The sales growth in the first quarter proves the appeal of Volvo Cars' product portfolio.
"We grew in all three regions and revenue continued to rise faster than volumes. Compared with last year, profitability was affected by higher tariffs and increased price pressure in many markets."
For full year 2019 the automaker expects continued growth in sales and revenue though market conditions will continue to pressure margins.
In 2018, Volvo Car Group booked operating profit of SEK14,185m (versus SEK14,061m in 2017) on revenue of SEK252,653m (SEK208,646m).
Global sales reached a record 642,253 (571,577) up 12.4%.
