Volco car Group announces it's results for the first half of the year, and they are significantly higher.

Volvo Cars, the premium car maker, has reported a strong first half of 2016, with operating income more than tripling to SEK5.59bn compared with SEK1.66bn reported in the same period last year. Revenues for the half rose from SEK75.215bn to SEK83.647bn.

The operating profit margin for the first half of this year also tripled to 6.7 per cent from 2.2 per cent for the same period last year.

Sales for the first six months of the year were up 10.5 per cent compared with the same period last year, to 256,563 cars. Moreover, this growth was generated from simultaneous increases in all three global sales regions. In Europe, sales rose 10.3 per cent, while the turnaround in the US was confirmed with an increase of 24.8 per cent, and sales in China increased 6.3 per cent.

“These numbers demonstrate that the momentum around Volvo Cars’ transformation is building,” said Håkan Samuelsson, president and chief executive.

Sales of the XC90 for the first six months of the year were 43,911, bringing the total sold since its launch in 2015 to 84,532, surpassing expectations. This positive trend will continue following the launch of the S90 saloon and the V90 estate, sales of which will accelerate in the second half of 2016.

“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,” said Mr Samuelsson.

“Volvo Cars is delivering on its commitment to fundamentally transform its business and finances, and is firmly on the path to becoming a truly global premium car maker.”

The press conference on the results for the first half year 2016 (held at the Volvo Showroom in Kungsträdgården, Stockholm) can be followed via the web here.