The new sales record in 2018 underscores strong demand for Volvo's renewed product portfolio, led by its award winning SUV line-up, across the core regions of US, China and Europe. In December the company sold 60,157 cars, up 2.8 per cent compared with the same period last year.
In the January to December period, US sales grew by 20.6 per cent to 98,263 cars compared with the same period the year before. The strong performance came on the back of growing demand for its SUV line-up, led by the XC60. The made-in-the-US S60 cars have also started reaching dealerships and should contribute to volumes in 2019. In December, Volvo Cars sold 8,826 cars in the US market.
Sales in China grew by 14.1 per cent to 130,593 cars during the year, as compared with the same period the year before. The demand was spearheaded by the locally assembled XC60 and the S90 models. For December, total sales in the region reached 11,868 cars, up 17.9 per cent.
Europe also reported a strong performance in the year. Sales rose by 6.4 per cent to 317,838 cars in the 12-month period compared to 2017. The robust performance was led by the new V60 and XC40 models. In December the company sold 29,469 cars in the region.
For the 2017 financial year, Volvo Car Group recorded an operating profit of 14,061 MSEK (11,014 MSEK in 2016). Revenue over the period amounted to 210,912 MSEK (180,902 MSEK). For the full year 2017, global sales reached a record 571,577 cars, an increase of 7.0 per cent versus 2016. The results underline the comprehensive transformation of Volvo Cars' finances and operations in recent years, positioning the company for its next growth phase.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 571,577 cars in 2017 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
In 2017, Volvo Cars employed on average approximately 38,000 (30,400) full-time employees. VolvoCars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company's main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Sk๖vde (Sweden) and Zhangjiakou (China) and body components in Olofstr๖m (Sweden).