Swedish premium car maker Volvo achieved a 26 per cent increase in sales in the first six months of 2018, reinforcing its status as one of Australia's fastest growing luxury car brands.
National sales data released by VFACTs show Volvo sold 3,026 cars YTD to June 30, 2018, which was a 26 per cent increase on the same period of the previous year. Volvo's performance was boosted by a strong performance in June, with sales up by 14.4% per cent compared to June 2017.
A major contributor to the result was sales of Volvo's award-winning mid-sized XC60 SUV. Since being launched last October the Volvo XC60 has won a swag of awards, including Wheels 2018 Car of the Year and most recently the Australia's Best Cars Best AWD SUV $65,000 - $125,000. The Volvo XC60 is also voted as the 2018 World Car of The Year.
"Our strong result in 2018 reflects the major investment Volvo has made in design and technology over the past five years," said Nick Connor, Managing Director of Volvo Car Australia.
"We are particularly pleased to have recorded strong sales for the award-winning XC60 during 2017-18. The luxury SUV segment is very competitive, and the XC60 is a standout in the mid-size category."
"The XC90 set the benchmark in the luxury 7-seater SUV segment, and the XC60 is continuing the trend in its category.
We recently launched the XC40 in the compact SUV segment, and we have been delighted with the very positive response it has received in the market."
"Globally, Volvo is accepted as a luxury European car brand, and it is very gratifying to see Australian car buyers responding so positively."
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Volvo Car Group in 2017
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. Volvo Cars 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 Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).