Volvo Cars announced their first quarter financial results earlier today. The automaker reported an operating profit of 3,616 million Swedish Kroner. That's around US $416 million.

That's up 3.6 percent from the same quarter last year. Net revenues for the company were MSEK 56,813 which is up 18.9 percent from the same time a year ago.

The extra revenue and profits came from more car sales. Retail sales jumped sharply, up 14.1 percent to hit 147,407 vehicles.

Volvo Cars said that it expects the passenger car market to continue to grow globally and to expect continued growth in revenue and sales. That's because of the automakers largely new product line, which will soon be filled out with the rest of the 40 series vehicles. The automaker did warn that profits could be impacted by increasing marketing, research and development, and digitalisation costs.

Earlier this year, company CEO Hakan Samuelsson said that he expected sales growth to stay close to the seven percent pace the company achieved last year. That would put Volvo Cars over 600,000 units sold in a year for the first time, and help move the company toward its 800,000 vehicles per year by 2020 target.