Off the wire
• Update: Israeli killed, two Palestinian stabbers wounded near Ramallah  • Senior UN official urges Israel to halt demolitions in occupied West Bank  • Slovak PM shows cautious optimism in dealings with "Brexit"  • Challenging work ahead for "Brexit" deal at EU summit  • Violence condemned on UN mission base in northeast South Sudan  • World Bank announces funding to combat Zika outbreak in Latin America  • IS executes 3 female employees of Iraqi electoral commission in Mosul  • UN chief touts predecessor Boutros-Ghali's role in peacekeeping efforts  • Spanish stock market falls 0.83 pct  • EU leaders condemn terrorist attack in Ankara  
You are here: 　 Home

Volvo Cars triples profits, breaks annual sales record

Xinhua, February 19, 2016 Adjust font size:

Volvo Cars on Thursday posted an annual sales record for 2015 as operating profits more than tripled over the year for the global automaker.

Volvo Cars sold some 503,000 cars over the period to net 6.6 billion SEK (779 million U.S. dollars) in operating income compared to 2.1 billion SEK (248 million U.S. dollars) in 2014, the company said in its yearly earnings report.

"I am pleased to report that 2015 was a year of record sales and trebled profits," CEO Hakan Samuelsson said in a statement.

The group's net earnings reached 16 billion SEK (1.89 billion U.S. dollars) after totalling 9.5 billion SEK (1.12 billion U.S. dollars) in 2014.

Volvo's annual revenue shot up to 164 billion SEK, a 19-percent increase year on year.

"Now, with a successful 2015 behind us, Volvo Cars will enter the next phase of its global transformation. Once completed, Volvo will be a truly global premium car company," Samuelsson said.

As part of the company's transition, Volvo on Thursday uncovered its V90 estate model in Stockholm, equipped with semi-assisted drive technology and integration with Apple's in-car controller and entertainment service Carplay.

Last year was the first in which Volvo sold more than 500,000 cars, with the carmaker aiming to bring annual sales to 800,000 units "in the medium term."

Volvo Cars, acquired by Chinese automaker Geely in 2010, employs 29,000 people globally. (1 U.S. dollar=8.48 SEK) Endit