Swedish premium car maker Volvo achieved a 27 percent increase in sales as at the end of July 2018, reinforcing its status as one of Australia's fastest growing luxury car brands.
National sales data released by VFACTs show Volvo Cars sold 3,554 cars YTD to July 31, 2018, which was a 27.2 percent increase on the same period of the previous year. Volvo's performance was boosted by an even stronger performance in July, with sales up by 34.7% per cent compared to July 2017.
"Volvo is one of the fastest growing new car brands in Australia. In July we outperformed the overall market by 42%" said Nick Connor, Managing Director of Volvo Car Australia.
Nick Connor further commented on the Volvo brand appeal and the Volvo dealer contribution. "We are hugely proud of Volvo's growth in the Australian market so far this year. This growth reflects the very strong appeal of our multi award winning product range, our world class reputation for safety, design and technology and the great care that our Volvo dealerships take of our customers.
We look forward to continuing our growth with the upcoming launches of the two all new Volvo cars to the Australian market over the coming months."
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).