The Swedish car importer Hedin Mobility Group, which is also in Denmark, is losing over three million Swedish kronor a day. Used electric cars are to blame.
Hedin Mobility Group loses a significant amount of money every day on the Swedish part of the business. More precisely, more than three million Swedish kronor.
However, management believes that this is due to large losses in value, especially on used electric cars. In the last quarter alone, the car importer lost almost 300 million kroner.
– The losses have several reasons. But are primarily due to falling prices for used electric cars, says CEO Anders Hedin.
However, the Hedin people are far from the only ones losing money on electric cars. In fact, there are very few businesses in the automotive industry that can even make money on electric cars. Ford, for example, is losing over 100 million kroner a day on their new cars. Read more about it here .
Back in Sweden, the accounts for the fourth quarter of 2024 show that sales increased marginally. According to the company, the fact that the loss grew to almost 300 million kroner is due to interest expenses.
A capital gain of 140 million Swedish kronor has had a positive impact on the result, but it has not been sufficient to compensate for the other losses.
For the whole of 2024, this resulted in a deficit of 1.4 billion Swedish kronor, or the equivalent of 940 million Danish kronor.
Furthermore, Hedin Mobility Group has been forced to buy back a number of electric cars at a value far higher than the real market value. This has also hurt the accounts.
Here in Denmark, the Hedin Group imports Iveco, while an agreement has been made with General Motors to cap the entire import of the Corvette brand in the Nordic region.
While the Swedish-Danish company is still driving around, the same cannot be said for one of Denmark's smallest car importers, which broke its neck and went bankrupt with millions in debt last year.
PM Company tried to make a living by importing used cars and then selling them on to leasing companies. The debt consisted primarily of non-payment of monies to the government.
