Volvo reports a record year

Volvo Cars, the premium car maker, has reported a strong 27.7% increase in operating profit in 2017, earning a record SEK14.1 billion compared with SEK11.0 billion in 2016, driven by global sales of 571,577 cars.

Net revenue for the period increased 16.6 per cent to SEK210.9 billion compared with SEK180.9 billion in 2016, while the operating profit margin improved from 6.1 per cent in 2016 to 6.7 per cent in 2017.

Global sales rose 7 per cent during the year, underpinned by a 25.8 per cent increase in China, Volvo Cars’ largest individual market.

‘Our business has transformed completely since 2010 and we are now gearing up for a phase of global, sustainable growth,’ said Håkan Samuelsson, president and chief executive of Volvo Cars. ‘We are investing in all parts of our organisation and have laid out clear strategies around electrification, autonomous drive and connectivity.’