Volvo Q1 Profits Up 11% Over 2016

Volvo earnings rose from 3.1 billion Swedish Krona in 2016 to 3.5 billion in 2017. That’s nearly $396 million US and represents an 11% profits growth for the Chinese-owned Swedish brand.

In addition, Volvo’s sales rose to 47.6 billion SK from 42 billion a year ago. Volvo also revealed that launch costs for the recently-launched 90 series luxury cars and the all-new XC60, as well as investments in new technologies and hiring new staff, had hit quarterly profits- with CEO Hakan Samuelsson stuck to an even more positive forecast for the rest of the year.

“{Volvo) also unveiled the new XC60 in the first quarter, and we expect this car to have a positive impact on sales and profitability,” Samuelsson said in a statement.

Here’s hoping that the 2018 Volvo XC60 can build on the success of its predecessor, then, and that Volvo can continue to build to its goal of 800,000 cars sold, annually, by 2020.

 

Source | Images: Volvo, via Automotive News.

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