Volvo Car Group is announcing a 17+ % increase in profit for 2014, with an all-time record 465,866 cars delivered to customers, 8.9% more than in 2013.
“It is essential to remember that the company is in an investment phase right now,” stated Hakan Samuelsson, Volvo’s President and Chief Executive. “The fruits of these investments will start to be felt from this year.”
It’s also essential to remember that one Swedish Krona (SEK) equals 0.11 Euros, which means that 2.2 billion in profit can be converted to a little under €234 million.
Even so, 17.4% is nothing to laugh at and keep in mind that 2014 was a very important year for Volvo as they revealed the all-new XC90 SUV – build on an in-house developed Scalable Product Architecture (SPA).
They also continued to expand their industrial footprint in both Europe as well as China, with production for the XC60 started at the Chengdu plant. Back home in Sweden, they created 1,300 new jobs at their Torslanda plant by re-introducing a third shift.
Volvo’s long term strategic ambition is to further develop their position as a global premium car maker by completely renewing their product range within the next 5 years. They’re also aiming to double sales to around 800,000 cars per year by 2020 – while constantly improving their profitability.
Sounds like a good plan to us and we’re on board with everything that comes out of Sweden when it comes to premium products.
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