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       Volvo Cars profit triples in first half
 
         Posted on :15:48:52 Jul 21, 2016
   
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       Last edited on:15:48:52 Jul 21, 2016
         Tags: Volvo Cars, profit triples, first half
 
STOCKHOLM: Geely-owned automaker Volvo Car Group reported its operating earnings tripled in the first half and said a further roll-out of new, more up-market models would help drive sales in the remaining months of the year.
 
The carmaker, bought by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. in 2010, said operating earnings rose to 5.59 billion Swedish crowns ($649.8 million) from a year-ago 1.66 billion.
 
Gothenburg-based Volvo saw sales rise to 83.65 billion crowns from 75.22 billion a year ago underpinned by strong demand for its flagship XC90 SUV, and said the launch of its S90 sedan and V90 estate would provide a boost in the second half.
 
"This robust first half financial and operational performance combined with a positive product pipeline allows me to state confidently that Volvo Cars expects to report another record full year in 2016 in terms of sales and profitability," Volvo Chief Executive Hakan Samuelsson said in a statement.
 
Launch costs for the new models meant the group's operating margin dipped slightly relative to that reported for the first quarter alone, but it still stood at 6.7 percent versus the 2.2 percent posted in the first half of last year.
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       AUTOMOBILE
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AUTOMOBILE HEADLINES
Tata Motors to hike passenger  
Tata Motors to hike passenger vehicle prices by up to Rs. 25k  
Panasonic develops two-passenger automatic driving vehicle  
World's Fastest Cat goes head to head with Super Fast Car: Who won?  
Toyota, Suzuki finalise pact to launch EVs in India by 2020  
Electric vehicles way ahead for Smog-choked Delhi  
Piaggio to roll out new electric scooter 'Vespa Elettrica' in 2018  
Suzuki unveils new range with enhanced safety measures  
Yamaha unveils 'Motobot' motorcycle-riding robot  
Lutyens Motorrad launched as BMW Motorrad Partner in Delhi  
Hyundai rolls out Tucson with 4WD system at Rs 25.19 lakh  
Mercedes retains top slot in luxury segment in India  
Skoda unveils new SUV Kodiaq  
Mercedes launches Edition C priced at Rs 42.54 lakh  
Tata Motors launches compact SUV Nexon at Rs 5.87 lakh  
Renault unveils premium SUV Captur; launch likely before Diwali  
Datsun India launches redi-GO GOLD 1.0L at Rs. 3.69 lakh  
Jeep Compass bookings touch 10,000 mark  
Chinese passenger car now being manufactured in Pak  
Datsun India launches more powerful redi-GO 1.0L  
Ducati launches the all new Scrambler Desert Sled in India  
Hero MotoCorp phases out select models, variants  
Maruti overtakes Infosys, ONGC in market capitalisation  
GM to stop selling cars in India by 2017 end  
India eyes all-electric car fleet by 2030  
 
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