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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 HEADLINES
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  
Honda Activa now world's largest selling two-wheeler  
Tata Safari Storme replaces Maruti Gypsy in Indian Armed Forces  
Made-in-India Jeep to hit market by June  
Tata Motors launches compact sedan Tigor in Rajasthan  
Maruti, Hyundai clock record yearly sales in 2016-17  
Nissan launches new version of Terrano  
Renault India sales up 26.8% in February at 11,198 units  
Volvo eyes long haul transportation segment in India  
JLR launches Made-in-India Jaguar XF at Rs 47.50 lakh onwards  
Ambassador brand now gets a new owner in Peugeot  
Car sales up 11%; passenger vehicles up 14% in Jan  
Delhi HC seeks Centre, AAP govt reply on plea against faulty CNG kits  
Mercedes hits currency recall speed bump, lowers sales target  
BMW to offer new version of i3 electric car in 2017  
Porsche launches Macan variant priced at Rs 76.84 lakh  
Mercedes launches two convertibles priced up to Rs 2.25 cr  
Toyota launches Fortuner variants priced up to Rs 31.12 lakh  
Maruti, Hyundai lead robust car sales in October  
Mahindra launches electric car 'e2oPlus'  
 
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