Volvo continues positive progress

Volvo Car Group trebled its operating profit for 2015 whilst reporting an all-time sales record of 503,127 cars, the first time it has sold more than half a million cars in its 89-year history.

Volvo Cars expects to make record sales in 2016 for the third consecutive year, Håkan Samuelsson, Volvo Cars’ president and chief executive said. Mr Samuelsson also forecast that operating profits would improve in 2016, driven by growth in all of Volvo’s three main sales regions of China, Europe and the US.

Volvo is implementing a SEK75bn transformation programme as part of its long-term strategic ambition to become a global premium car maker. Driven by the complete renewal of its product range, Volvo is aiming to almost double sales to around 800,000 cars a year in the medium term.

Volvo Cars also plans to become the world’s first car manufacturer to offer cars without keys from 2017. Volvo customers will be offered an application for their mobile phones to replace the physical key with a digital key. The innovative Bluetooth-enabled digital key technology will offer Volvo customers far more flexibility, enabling them to benefit from entirely new ways to use and share cars.