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Volvo Triples Operating Profit
Volvo Cars Group reports its operating profit in 2015 tripled to 6.6 billion kronor ($778 million). Net income soared nearly ninefold to 4.5 billion kronor ($528 million).
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Volvo Cars Group reports its operating profit in 2015 tripled to 6.6 billion kronor ($778 million). Net income soared nearly ninefold to 4.5 billion kronor ($528 million).
Group revenue for the year grew 19% to 164 billion kronor ($19.3 billion) as vehicle deliveries rose 8% to a record 503,100 cars. It was Volvo Car's third consecutive year of record volume and the first time results surpassed half a million units.
Retail sales last year climbed in western Europe (8% to 198,000 units), Sweden (+16% to 71,200) and the U.S. (+24% to 70,000). Deliveries were flat at 81,600 units in China and declined 3% to 82,200 in remaining markets.
CEO Hakan Samuelsson predicts another sales record in 2016, thanks to strong demand for its new 90 series cars and overall growth in China, Europe and the U.S.
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