Volvo reports significant revenue growth

Volvo Cars has announced revenue growth of 8.5% last year, rising to SEK274.1bn (£22bn) from SEK252.7bn in 2018.

The result follows the company’s earlier announcement of a sixth consecutive global sales record in 2019, as it sold more than 700,000 cars for the first time in its history.

Both profits and margins during the second half of 2019 were better than in the second half of 2018. Profitability during the period was driven by continued strong growth in volume, especially in SUVs, as well as cost efficiency measurements initiated early in 2019.

Håkan Samuelsson, chief executive of Volvo Cars, said: “The year 2019 was another year of growth in which we achieved a robust financial result and continued our transformation as a company. I am pleased to see that the cost efficiency actions we put in place had an effect, especially in the second half of the year.”