Volvo Cars’ profit increased 28 percent last year to a record high as the Chinese-owned automaker experienced strong demand for new models — especially in China.
Operating earnings rose to 14.1 billion Swedish crowns ($1.76 billion, 11.1 billion yuan) in 2017 from 11.0 billion a year earlier, as revenue climbed 17 percent to 210.9 billion crowns, the Swedish automaker said.
“Our business has transformed completely since 2010 and we are now gearing up for a phase of global, sustainable growth,” CEO Hakan Samuelsson said in a statement.
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