PROFITS at Volvo have jumped 17.4% for 2014 to 2,252 MSEK (£174M), compared to 1,919 MSEK in 2013, as record sales cleared the way for the company to continue investing in its global transformation.
Revenue for the year was 129,959 MSEK, up from 122,245 MSEK in 2013.
The all-time sales record of 465,866 cars was an increase of 8.9% compared to 427,840 in 2013
The all-time sales record of 465,866 cars was an increase of 8.9% compared to 427,840 in 2013, and was supported by strong performances in China and Europe. In China, the company’s largest market, Volvo Cars sold more than 80,000 cars. In Europe, Volvo grew twice as fast as the overall market and all of its main competitors in the region. Volvo Cars has now reported sales growth every month since July 2013.
“It is essential to remember that the company is in an investment phase right now,” said Håkan Samuelsson, president and chief executive. “The fruits of these investments will start to be felt from this year.”
Volvo Cars is investing in a global transformation as part of its long term strategic ambition to enhance its position as a global premium car maker. Driven by the complete renewal of its product range, Volvo is aiming to double sales to around 800,000 cars a year in the medium term.
