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Profits Rise 17% at Volvo Cars
Volvo Car Group's operating profit in 2014 climbed to 2.3 billion kronor (€239 million) from 1.9 billion kronor in 2013.
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Volvo Car Group's operating profit in 2014 climbed to 2.3 billion kronor (€239 million) from 1.9 billion kronor in 2013.
Revenue grew 6% to 130 billion kronor (€13.8 billion) as unit sales rose 9% to a record 465,900 units. CEO Hakan Samuelsson says results will help fund a massive overhaul of the company's cars and powertrains that began four years ago.
The first of the new models, the luxury XC90 large crossover vehicle, goes on sale this spring. The company expects to debut seven revamped models by 2018.
Volvo is targeting global sales of 500,000 units this year and 800,000 by 2020. The company, which is owned by Zhejiang Geely Holding Group Co., has said it hopes to quadruple sales in China to 200,000 units before the end of the decade.
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