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- Volvo Kicks Off Production for its Newest Crossover
- Volvo Hints that Smaller S20, V20 and XC20 Models Could be Coming
- Gallery: The Saint’s P1800 in New York
Volvo Cars has had a strong first quarter of 2017 with profit rising 11 percent, to $395 million and sales increased by 7.1%.
Globally, the Swedish automaker sold nearly 130,000 cars between January and March, though increasing investments in new staff and facilities mean that its operating margin went down from 7.5% to 7.3%.
“In the first three months we have seen strong demand for our 90 series cars as they reached markets worldwide,” said Håkan Samuelsson, CEO. “We also unveiled the new XC60 in the first quarter and we expect this car to have a positive impact on sales and profitability.”
Asia continued to be a stronghold for Volvo, with sales increasing 16% for a total of more than 32,000 vehicles sold. China led the charge with a nearly 19% sales increase.
Europe was also strong, though, with sales increasing more than 9%. Strong performances in Sweden, the UK, and Germany combined for sales of nearly 80,000 vehicles.
Although the XC90 is the sales powerhouse for Volvo, with a new XC60 having debuted in March, Volvo anticipates that the script may change in coming quarters.