Volvo takes control of joint ventures in China to become sole owners along with Parent, Geely Holdings.

Volvo Cars has taken control of its three joint venture operations in China for SEK2.2bn in order to more accurately reflect its growing presence in the world’s largest car market.

Volvo Cars now owns 50 per cent of its China joint ventures alongside Geely Holdings. These joint ventures include its car manufacturing facilities in Chengdu and Daqing, its engine manufacturing facility in Zhangjiakou and its research and development centre in Shanghai.

The move allows Volvo to fully consolidate its China joint ventures, providing a more accurate financial and operational picture of the company as it continues to expand in China. The company’s interim financial results announced today are the first to incorporate the China joint ventures.

“The incorporation of the Chinese entities is an important step towards the long term objectives to capture the growth and sourcing potential in China,” said Håkan Samuelsson, President and Chief Executive.

Volvo Cars has taken control of its three joint venture operations in China for SEK2.2bn in order to more accurately reflect its growing presence in the world’s largest car market.

Volvo Cars now owns 50 per cent of its China joint ventures alongside Geely Holdings. 

These joint ventures include its car manufacturing facilities in Chengdu and Daqing, its engine manufacturing facility in Zhangjiakou and its research and development centre in Shanghai.

The move allows Volvo to fully consolidate its China joint ventures, providing a more accurate financial and operational picture of the company as it continues to expand in China. The company’s interim financial results announced today are the first to incorporate the China joint ventures.

“The incorporation of the Chinese entities is an important step towards the long term objectives to capture the growth and sourcing potential in China,” said Håkan Samuelsson, President and Chief Executive.

Volvo is pleased to announce that huge sales of the top of the range XC90 have been achieved.

Three quarters of the orders for Volvo’s new XC90 are for the top of the range Inscription model, Volvo Cars has announced.

Volvo Cars also said it has received nearly 57,000 orders for the new XC90, outstripping forecast sales for this year of 50,000. The company is running three shifts at its plant in Torslanda, Sweden, to meet demand.

“With 76 per cent of customers choosing the top end Inscription model, it is fair to say that we have now entrenched our position as a premium car maker,” said Alain Visser, Senior Vice President for Marketing Sales and Customer Service.

The new XC90 marks the beginning of a new chapter in Volvo’s history, capturing its future design direction, incorporating its own range of new technologies and utilising its new Scalable Product Architecture (SPA) technology.

The latest update on sales for the XC90 came as Volvo reported its financial results for the first half of 2015.

The company reported an operating profit of SEK1,660m for the first half of 2015, compared to SEK968m* for the same period in 2014. Revenue for the first half was SEK75,215m, up from SEK66,982m* in the first half of 2014.

Retail sales during the first six months of 2015 were 232,284 cars, up slightly compared to 229,013 in the same period last year, driven primarily by strong demand in Europe. Sales in China were flat during the period while sales in the United States stabilised.

“It has been a good first half of the year, with an improved financial performance,” said Håkan Samuelsson, President and Chief Executive. “We have been implementing a transformation plan since 2010 and this financial result demonstrates that we continue to be on the right track.”

Volvo is investing in a global transformation as part of its long term strategic ambition to enhance its position as a global premium car maker. Driven by the complete renewal of its product range, Volvo is aiming to almost double sales to around 800,000 cars a year in the medium term.

In the first six months of 2015, Volvo Cars took several important steps towards achieving these goals.

In the first half, Volvo also announced it will build a new manufacturing facility in South Carolina. Construction on the USD500m plant near Charleston will start this fall and the new facility will have initial production of around 100,000 cars per year and be completed by 2018.

* The comparative figures for 2014 are restated, as Volvo Cars gained control over the Chinese industrial entities and consolidated them into Volvo Car Group as of January 1, 2015. 

As the incorporation of these entities is a common control transaction, Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented as if the incorporated entities had always been controlled by Volvo Car Group. More information can be found in the Group's Interim Report First Half Year 2015.

Volvo announces income, sales and profits for the first half of 2015 - and the growth continues.

Volvo Car Group, the premium car maker, has reported an operating profit of SEK1,660m for the first half of 2015, compared to SEK968m* for the same period in 2014. Revenue for the first half was SEK75,215m, up from SEK66,982m* in the first half of 2014. 

Retail sales during the first six months of 2015 were 232,284 cars, up slightly compared to 229,013 in the same period last year, driven primarily by strong demand in Europe. Sales in China were flat while sales in the United States stabilized during the period.

“It has been a good first half of the year, with an improved financial performance,” said Håkan Samuelsson, President and Chief Executive. 

“We have been implementing a transformation plan since 2010 and this financial result demonstrates that we continue to be on the right track. For the full year, we expect a substantial increase in profits."

Volvo is investing in a global transformation as part of its long term strategic ambition to enhance its position as a global premium car maker. Driven by the complete renewal of its product range, Volvo is aiming to almost double sales to around 800,000 cars a year in the medium term.

In the first six months of 2015, Volvo Cars took several important steps towards achieving these goals.

The company started production of the new Volvo XC90, the first of its new generation of cars on its SPA platform. So far, the company has received close to 57,000 orders and started delivering the car to customers in the spring. 

In May, a third shift was introduced at the Torslanda plant in Sweden, creating nearly 1,500 new manufacturing jobs.

In the first half, Volvo also announced it will build a new manufacturing facility in South Carolina. 

Construction on the USD500m plant near Charleston will start this fall and the new facility will have initial production of around 100,000 cars per year and be completed by 2018.

Full results for the first half of 2015 will be revealed today at 10:00 CET during a press conference at the Volvo Showroom in Kungsträdgården, Stockholm. 

* The comparative figures for 2014 are restated, as Volvo Cars gained control over the Chinese industrial entities and consolidated them into Volvo Car Group as of January 1, 2015. 

As the incorporation of these entities is a common control transaction, Volvo Car Group has elected to apply predecessor accounting, meaning that the comparative information is presented as if the incorporated entities had always been controlled by Volvo Car Group. 

More information can be found in the Group's Interim Report First Half Year 2015.

McLaren previews this weekend's F1 race at Spa-Francorchamps in Belgium

2015 BELGIAN GRAND PRIX PREVIEW

Round 11/19 21-23 August 2015 #BelgianGP #McLarenLIVE

Circuit de Spa-Francorchamps snapshot

Fernando Alonso "After the long summer break, I can't wait to get into the car in Spa and go racing again. Hungary was a positive race for us but we know Spa will be challenging on a number of levels, so we'll be pushing to get the most out of the weekend." Jenson Button "I've really enjoyed the holidays, but I'm keen to get back in the car. Spa is an incredible circuit - every single lap feels sensational - so I'm looking forward to enjoying myself this weekend." Circuit lowdown Few circuits are more revered than the mighty Spa-Francorchamps. The track has been synonymous with Formula 1 for more than 60 years, and, with an average speed of 230km/h (143mph), it's breathtakingly fast. At more than 7km, the undulating circuit is the longest on the 2015 calendar. However, the existing layout is only half the length of the original design, which featured in the inaugural world championship of 1950. The current track - opened in 1983 - retains much of the original high-speed challenge, as well as many of the iconic corners like La Source, Eau Rouge and Blanchimont. More than 70 per cent of the lap is spent at full throttle, which places an emphasis on the power unit and on the car's aerodynamic efficiency. There is also the unique situation of the machinery having to cope with a 1.7g compression at the bottom of Eau Rouge, which can prove a test of reliability over the 44-lap race distance. The weather forecast is notoriously unreliable in the Ardennes region of Belgium. Temperatures of around 20 degrees are expected, but it's harder to predict the chance and the location of the rain. If wet weather comes it can affect only one section of the track - often several miles from the pitlane - which creates considerable strategic challenges. In the event of dry conditions, the drivers have Pirelli's Soft (Option) and Medium (Prime) tyres at their disposal. These are the same compounds that were used at last year's race, when two pitstops were the norm for most cars. Should a Safety Car appear early in the race, a one-stop strategy is also possible. McLaren has an indelible link with Spa-Francorchamps because it was here, in 1968, that the team won its first world championship grand prix. The team now has a total of 14 wins on Belgian soil, the most recent victory coming in 2012.

Facts & figures

It's all about: the race Start time 1400 (local)/1200 (GMT) Race distance 44 laps (full world championship points awarded after 75% distance/33 laps) 2014 winner Daniel Ricciardo 2014 pole position Nico Rosberg 2m05.591s 200.766km/h (wet) 2014 fastest lap Nico Rosberg 1m50.511s 228.162km/h Safety Car likelihood Chances of a Safety Car High. There's an 80 per cent chance that the Safety Car will appear in Sunday's race - that's largely due to accidents at Spa occurring at high-speed Don't put the kettle on The start, when new FIA rules mean there will be more input from the drivers; and laps 13 and 28. Last year's race was won with a two-stop strategy and, changeable weather aside, the same looks likely in 2015 Weather forecast Changeable. Spa-Francorchamps is located in the Ardennes Mountains, which have a notoriously fickle microclimate It's all about: the track First race 1950 Circuit length 7.004km/4.352 miles Run to Turn One 265 metres Longest straight 2.015km, from La Source to Turn 5, Les Combes Top speed 322km/h on the approach to Turn 5 DRS zones Two - on the approach to Turn 1 and, again, on the approach to Turn 5 Key corner Turn 10, a 180-degree double-apex left-hander. The entry is fast (294km/h) and blind, and the drivers need to be totally committed in order to be fast Pitlane length 390 metres, which is quite long. The time loss isn't that great because the cars staying on-track have to negotiate the La Source Hairpin Major changes for 2015 None It's all about: the car Fuel consumption 3.35kg per lap, which is high Full throttle 70% Brake wear Low. There are only nine braking events around the lap Gear changes 48 per lap/2112 per race

Did you know? Heavy rain prior to the start of the 1997 Belgian Grand Prix resulted in F1's first ever Safety Car start. Technical words of wisdom Matt Morris, director of engineering "Spa-Francorchamps is one of the classic old-school circuits. It's long; it's undulating and it's high-speed - all of which combines to make it one of the great challenges on the calendar. There are two high-speed sectors, in which there are long periods of full throttle, and one twistier sector. Car set-up is therefore a compromise between straight-line speed and cornering grip, and getting that balance right is a challenge. "This is also a race at which you need to think on your feet because the weather is notoriously unpredictable. The conditions can change very quickly, which usually spices things up!" Our most memorable Belgian Grand Prix: 1968 The 1968 season started well for McLaren. Denny Hulme scored the team's first podium at the Spanish Grand Prix and everyone arrived at Spa-Francorchamps hoping to be competitive. Adding to the feeling of optimism was Hulme's performance in the Indianapolis 500 the preceding weekend. ‘The Bear' finished fourth in the 500 and he arrived in Belgium feeling bullish about the team's chances. He qualified fifth and Bruce McLaren sixth. The race highlighted the demanding nature of the original 14km Spa-Francorchamps circuit. Brian Redman had a horrifying accident on lap seven and a spate of reliability issues shaped the remainder of the 28-lap race. Hulme enjoyed a dice for the lead with Jackie Stewart, until he was slowed by a driveshaft problem. Stewart than ran out of fuel on the penultimate lap, handing a victory to Bruce McLaren - the last of his illustrious career, but the first for his team.

McLaren at the Belgian Grand Prix

Wins 14 (1968, 1974, 1982, 1987, 1988, 1989, 1990, 1991, 1999, 2000, 2004, 2005, 2010, 2012) Poles 11 (1985, 1988, 1989, 1990, 1991, 1998, 1999, 2000, 2005, 2008, 2012) Fastest laps 8 (1974, 1982, 1986, 1987, 1989, 1999, 2004, 2010)

Team talk #14 Fernando Alonso Age 34 (July 29 1981) GPs 243 Wins 32 Poles 22 Fastest laps 21 Best result in Belgium 2nd (2005)

"It feels great to be back. I enjoyed a relaxing break over the summer shutdown, but I also trained hard and I feel in the best shape to start the second half of the year. After Hungary, we were all really encouraged by the outcome; although we were fortunate to have had some good luck, we still battled hard and finished the race with a positive result. "Spa will be tricky for us, due to the configuration of a track that requires power, downforce and a big chunk of the lap spent at full throttle. But, from a driver's perspective it's a spectacular circuit and the fans there also make it a truly special place. It's a place at which I won when I was in Formula 3000, but never in Formula 1. I've enjoyed some really exciting battles there, and I'm looking forward to this weekend for some more. "The next few races will be important for us: we need to continue our forward momentum, and, with the addition of some tweaks to the car and power unit, we will be looking for more progress and good correlation between the simulator and our on-track performance. That might not necessarily appear above the surface in either Spa or Monza, but we'll keep pushing development forward at each race."

#22 Jenson Button Age 35 (January 19 1980) GPs 275 Wins 15 Poles 8 Fastest laps 8 Best result in Belgium 1st (2012)

"What a place to resume the second half of the season! It's such a great place to come to after the break - Spa is a circuit I've always loved right from the start of my racing career, and every lap around this incredibly special circuit is still hugely exciting and puts a massive grin on my face. It's genuinely a circuit like no other. "I'm really looking forward to getting back into the car and seeing where we stand among our nearest competitors. We can't pretend that we're expecting a huge jump forward in performance - especially at this circuit, as it doesn't suit our car's characteristics - but, after the break, I'm feeling refreshed, positive, and ready to continue the solid progress we've made so far. "I love Spa, I won there back in 2012, and, even when I'm not battling for the lead, I really enjoy the racing there as it usually produces fantastic grands prix. It's a privilege as a Formula 1 driver to be able to go to the circuit in the morning, get in the car, and race through some of the most legendary corners in motorsport."

Eric Boullier Racing director, McLaren-Honda "After a well-deserved summer break for the whole team, we're all ready and raring to go at the start of the second half of the season. We had an encouraging race in Hungary leading into the summer break, and we now feel refreshed and determined to continue improving our form as the rest of the season progresses. "We've persevered through some tough moments, but the positivity and steadfast commitment to McLaren-Honda's future success are evident in every single member of this team. Our drivers, too, have been unwavering in their support and are working hard to keep pushing us forward, extracting the maximum from the package at every opportunity. We're also incredibly grateful for the support of our partners, who are incredibly loyal, and who are united behind our development programme. In the second half of the season, our fight towards the front will continue, and we'll work hard to build on our steady, solid progress in pursuit of performance. "Spa is a truly spectacular circuit - arguably the best on the calendar for many - but, given the unique power and downforce package required, the track won't play to our strengths. Therefore, of course, we must be measured in our optimism, and we will need to wait for Singapore and beyond before we can see the fruits of our labours reflected on track." Yasuhisa Arai Honda R&D senior managing officer - chief officer of motorsport "After a well-deserved and positive result in Hungary, the summer break was good rest for the trackside team, while Sakura continued on with the power unit development. "As we planned, Honda has updated our combustion characteristics to further improve our power units for Spa and the second half of the season. This weekend's free practices will be important to test the pairing of the power units to the cars. The Belgian race, however, will surely be a difficult one for the team and drivers, with expected grid penalties and a long and unforgiving power circuit. "Nevertheless, McLaren-Honda's focus is to improve race by race. We know we can learn a lot from the circuit for immediate future, and hope that we can come out of the weekend with some positives."

Ultra rare Aston Martin DB4 Series V Vantage comes under the hammer at Blenheim Palace Auction.

• Exceptional right-hand-drive Aston Martin DB4 Series V Vantage headlines Silverstone Auctions’ Salon Privé Sale
• Believed to be one of only 50 ever built and one of three originally supplied from the factory with an automatic gearbox
• Recent restoration and upgrades by specialist Aston Martin preparers have maximised and enhanced the driving experience
• Guide price of £675,000 - £775,000 underscores its rarity, provenance and high-quality mechanical restoration
• Held at the majestic location of Blenheim Palace on Friday 4 September, the Salon Privé Sale features a host of high-end classic and modern supercars 

The star of the show at Silverstone Auctions’ Salon Privé Sale held at Blenheim Palace on Friday 4 September will be an outstanding and very rare Aston Martin.

Presented with superb history and in immaculate condition, the 1963 Aston Martin DB4 Series V Vantage will command a guide price of £675,000 - £775,000 and will be the headline lot in an auction of over 60 exceptional, handpicked modern and classic cars.

Finished in its original Goodwood Green paint and red leather interior, the striking Aston Martin is believed to be one of only 50 cars built in this specification, and one of only three Series V Vantages to be built with an automatic ‘Borg Warner’ gearbox.

Aston Martin produced the DB4 from October 1958 to June 1963 and in that time made five ‘Series’ variants of shape and specification. 

The later Series V models were built between September 1962 and June 1963 and had a longer wheelbase (3.5-feet), creating increased legroom and space for luggage, making them superb grand touring machines.  

Delivered new on 24 August 1963, this particularly model, chassis #1197, is believed to be one of the last to leave the factory - the last being #1215L - before building of the later DB5 model commenced. 

The matching numbers Vantage variant has a unique and fully documented history as well as being recently restored to fast-road specification, by specialist Aston Martin race preparers.

During the restoration a four-speed David Brown manual gearbox with overdrive was fitted along with a full handling kit comprising springs, roll bars and Koni dampers. 

The brakes were also upgraded as well as adjustable power steering to further complement the driving experience. A set of custom-made ‘off-set’ Borrani wheels and restored red leather interior finish off the tasteful modifications.

The car comes with a comprehensive history file, including the factory records on the build sheet from 1963 to 1966 and correspondence from Aston Martin to the first two owners. 

It also comes with the original gearbox, allowing any future owner to return the car to original specification. The history then follows from 1973 to 2015 with vast amounts of invoices, receipts, MoT certificates and the now void tax discs, giving a detailed record of this car’s past.

Operations Manager and Classic Car Consignor, Harry Whale said: “We are very excited to offer this DB4 Series V Vantage, which incorporates an intoxicating blend of extraordinary provenance and history, along with an unrivalled driving experience. 

It’s a stunning example of the DB4 Series V Vantage and a car to cherish for years to come. Next month’s sale epitomises what we can do here at Silverstone Auctions - offering a quality, eclectic mix of exciting cars.”