STOCKHOLM - Volvo Cars will pay a dividend of 2.9 billion Swedish crowns after record sales in 2018, the company said on Thursday, with almost all of it slated to boost the coffers of its debt-laden Chinese parent Geely.
The payment comes as carmakers are grappling with the fallout of trade wars, rising costs for developing electric and driverless cars, and an industry downturn that has dented even the most profitable companies. Premium rival Daimler cut its dividend in February after its fourth-quarter profit plunged. In the same week Volvo reported a fall in 2018 profit margins and said margins would remain under pressure this year.
I bought a geely scooter once and it burned the piston ring within a month. $600 down the toilet
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