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Volvo Posts Record-High Revenue, Operating Profits
Volvo Car Corp.’s operating earnings in 2017 climbed 28% to a record 14.1 billion kronor ($1.7 billion), and net income zoomed 37% to 10.2 billion kronor ($1.3 billion).
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Volvo Car Corp.’s operating earnings in 2017 climbed 28% to a record 14.1 billion kronor ($1.7 billion). Net income zoomed 37% to 10.2 billion kronor ($1.3 billion).
Revenue for the Swedish carmaker, a unit of Zhejiang Geely Holding Group Ltd., advanced 17% last year to 211 billion kronor ($24.9 billion). It was the company’s fourth consecutive record high.
Volvo’s unit sales grew 7% to 571,600 cars and crossover vehicles in 2017. The gain was powered by a 26% jump in deliveries in China—the brand’s largest market—that offset a 2% decline in the U.S. Sales in Europe last year grew 3%.
In the fourth quarter, Volvo’s operating earnings advanced 8% to 3.6 billion kronor ($444 million). Revenue expanded by 11% to 62 billion kronor ($7.6 billion). Retail sales advanced 2% to 158,100 vehicles.
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