Volvo has reported record global sales of 503,127 vehicles in 2015, driving a three-fold increase in profits for the year.
The milestone represents the first time Volvo has delivered more than a half million vehicles in its entire 89-year history. The numbers received a significant boost from the new 90-series lineup, including the S90 sedan and XC90 crossover, while sales of existing models remained strong.
The XC90 tallied 88,000 orders by the end of the year, significantly exceeding internal expectations. The company added a third shift at its Torslanda factory in Sweden, hiring 1,500 workers to help keep up with strong demand.
Now owned by China’s Geely, Volvo restructured its operations in the second half of the year. The company incorporated its three joint ventures in China, a move that is claimed to bring a more accurate reflection of its global finances and operations.
Profits surged to 6.62 billion SEK (~$780 million USD) for the year, up from 2.128 billion SEK (~$250 million USD) in 2014.
“Now, with a successful 2015 behind us, Volvo Cars will enter the next phase of its global transformation,” said chief executive Håkan Samuelsson. “Once completed, Volvo will be a truly global premium car company.”
The company is preparing to introduce its 2017 V90 wagon next month at the Geneva Motor Show. This year will also kick off construction of a $500 million production facility in South Carolina, scheduled to begin production in 2018.
Volvo hopes to continue growing in the coming years, with a goal of 800,000 units annually in the medium term.
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