Volvo Cars has announced a 27.7% growth in operating profit (EBIT) in 2017, earning SEK14.1 billion (about RM6.9 billion) compared to SEK11 billion (about RM5.4 billion) in 2016. Meanwhile, net revenue went up by 16.6% to SEK210.9 billion (about RM103 billion) from SEK180.9 billion (about RM88 billion) in 2016.
The Swedish carmaker also recorded 571,577 cars sold globally, which represented a 7% growth. This is largely boosted by a 25.8% sales increase in China, Volvo’s largest individual market. In other markets, Europe saw a 2.8% increase, while the United States declined by 1.8%.
Focusing on individual models, the current and previous XC60 continue to be the brand’s most popular models with 184,966 units sold. This is followed by the V40 with 95,370 units and the XC90 with 87,518 units.
“Our business has transformed completely since 2010 and we are now gearing up for a phase of global, sustainable growth. We are investing in all parts of our organisation and have laid out clear strategies around electrification, autonomous drive and connectivity,“ said Håkan Samuelsson, president and chief executive of Volvo Cars.
The company has already announced plans for a new production plant in Charleston, South Carolina, which will build the all-new S60 sedan as well as the next-generation XC90 SUV.