by Staff Writers
Stockholm (AFP) Feb 8, 2017
Swedish carmaker Volvo Cars, owned by Chinese group Geely, said Wednesday it posted a healthy profit rise in 2016, boosted by record sales and stronger finances.
Net profit soared by 90 percent to 5.94 billion kronor (633 million euros, $628 million), while sales climbed by 10 percent to 164.04 billion kronor, Volvo said in a statement.
The brand sold more than 534,000 cars in 2016, six percent more than its 2015 record. "I foresee that 2017 will also be a record year in terms of sales," said chief executive Hakan Samuelsson.
Volvo has made a remarkable comeback since 2010, when the loss-making carmaker was taken over by Chinese group Geely.
In December, it succeeded in raising 5.0 billion kronor (529 million euros, $564 million) by selling preferential shares to three prudent Swedish investors: public pension funds AMF and AP1, and insurance group Folksam.
On Tuesday, Swedish media revealed the company plans to hire up to 800 people at its plant in Gothenburg, Sweden's second city. The company is also expected to begin manufacturing cars in the US in 2018, where it is building a factory near Charleston, South Carolina.
The carmaker is also leading the drive to develop self-driving cars. In January, it provided test cars to a number of families in Gothenburg, and it is expected to continue the test in London later this year.
Car Technology at SpaceMart.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|