Volvo sales hit record high

Volvo Cars has reported a 66% increase in operating profit in 2016 as global sales hit a new record of 534,332 cars.

The Swedish manufacturer saw profits jump from SEK6.6bn in 2015 to SEK11bn last year.

Net revenue for the period increased 10% to SEK180.7bn compared with SEK164bn in 2015, while the operating profit margin improved significantly, from four per cent in 2015 to 6.1 per cent in 2016.

Global sales rose 6.2 per cent, underpinned by an 11.5 per cent increase in China and an 18.1 per cent rise in the US, Volvo’s two largest individual sales markets.

Håkan Samuelsson, president and chief executive, said, ‘Volvo is going from strength to strength. The new models are successful, sales are at record levels and profits are up substantially, reflecting the contribution of all our employees. On the back of these achievements, I foresee that 2017 will also be a record year in terms of sales.’