Volvo sold more than half-a-million cars for the first time in its 89-year history in 2015.
In total, the Swedish automaker sold 503,127 units last year, helping triple its operating profit from $250 million (2.128-billion SEK) to $780 million (6.620-billion SEK). Now owned by China’s Geely, Volvo has rebounded surprisingly well with the XC90 turning in 88,000 orders by the end of the year. The company recently added a third shift to its Torslanda factory in Sweden, hiring an additional 1,500 workers to help keep up with strong demand.
SEE ALSO: 2017 Volvo V90 Station Wagon Revealed
Running on the strength of its revamped model range, the automaker is looking to nearly double its annual sales to around 800,000 units a year in the medium term. The company unveiled the all-new V90 station wagon earlier today as the third offering built on the Scalable Product Architecture (SPA) that also underpins the XC90 and S90 sedan. The S90 sedan debuted last December.
Looking forward, the company will open a new manufacturing facility in South Carolina following an investment of about $500 million. Construction started in the second half of 2015 and is scheduled to be operational by 2018.
“I am pleased to report that 2015 was a year of record sales and trebled profits,” said Håkan Samuelsson, president and chief executive. “Now, with a successful 2015 behind us, Volvo Cars will enter the next phase of its global transformation. Once completed, Volvo will be a truly global premium car company.”
Discuss this story on our Volvo Forum