Published on April 18th, 2017 | by Daniel Sherman Fernandez0
Volvo global sales on a fast climb even after 90 years in business
Volvo is celebrating its 90th birthday this year on the 14th of April and the company continues to rake in profits with its new range of vehicles. Since 2014 Volvo has annually set a new global sales record, a streak it expects to continue in 2017 by topping the current high of 534,332 that was reached last year.
The company’s 2016 operating profit rose 66% to 11 billion Swedish crowns (USD1.24 billion) and revenue increased 10 percent to 180.7 billion crowns. That helped improve the automaker’s profit margin to 6.1% compared with a 4% margin in 2015. In 2013, Volvo’s operating margin was just 1.6%. The goals for 2020 are even tougher: global sales of 800,000 vehicles and a profit margin of 8%.
Volvo’s continued revival under Chinese owner Zhejiang Geely Holding seems to be on the right track.