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Volvo Cars Hikes Annual Operating Profits by Two-Thirds
Volvo Car Group’s operating and net profits last year jumped 66% to 11 billion kronor ($1.2 billion) and 7.5 billion kronor ($842 million), respectively.
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Volvo Car Group’s operating and net profits last year jumped 66% to 11 billion kronor ($1.2 billion) and 7.5 billion kronor ($842 million), respectively.
The Swedish carmaker’s sales grew 6% to a record 534,300 vehicles, the third consecutive year of record volume. Revenue climbed 10% to 180.7 billion kronor ($20.4 billion). Full-year results were driven by unit sales gains of 18% in the U.S. and 11% in China.
Retail sales in October-December dipped 1% to 155,000 units, but revenue rose 6% to 55.9 billion kronor ($6.3 billion). Net income for the period dropped 20% to 2.3 billion kronor ($265 million).
Volvo expects to set another sales record in 2017, accompanied by higher revenue and operating income. The company, which was acquired by China’s Zhejiang Geely Holding Group in 2010, aims to achieve global sales of 800,000 units by 2020.
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