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.

VOLVO 3 - The brand forecasts this years sales, profits and turnover, all expected to beat last years records.

Volvo Cars, the premium car maker, expects to make record sales in 2016 for the third consecutive year, Håkan Samuelsson, Volvo Cars' President and Chief Executive said.

Mr Samuelsson also forecast that operating profits would improve in 2016, driven by growth in all of Volvo’s three main sales regions of China, Europe and the US.

The forecast came the same day Volvo reported it trebled its operating profit in 2015 to SEK6.6bn, up from SEK2.13bn for the same period in 2014, while revenues for the year hit SEK164bn compared with SEK137.6bn in 2014. 

Volvo also today reported an all-time sales record of 503,127 cars in 2015, the first time it has sold more than half a million cars in its 89-year history. Sales were boosted by the introduction of its new 90 series cars and strong sales of existing models. It also reported record sales for 2014 of 466,000 cars.

Volvo is implementing a SEK75bn transformation programme as part of its long-term strategic ambition to become 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 2015, the company made significant progress towards achieving these goals.

Production of the much-anticipated XC90 SUV commenced. By the end of the year, the company had received more than 88,000 orders, far surpassing its initial expectations. Production of the XC90 also led to the introduction of a third shift at the Torslanda plant in Sweden for the first time since 2008, creating nearly 1,500 new manufacturing jobs.

In the first half of 2015, Volvo also restructured the company to more accurately reflect how and where it does business by incorporating its three joint-venture operations in China, providing a more accurate financial and operational picture of the company.

In the second half of the year, construction started on Volvo’s new USD500m manufacturing facility in South Carolina in the United States, which is due to be operational in 2018. The new plant means Volvo will be able to build and sell cars in each of its three core regions – Europe, the US and China – highlighting its global aspirations.

In December 2015, Volvo revealed its new S90 premium saloon to wide acclaim at an event in Gothenburg. The S90 is the second new model on Volvo’s modular Scalable Product Architecture (SPA), and has already attracted positive reviews and started winning awards.

The results for the full year 2015 will be revealed today at 10:00 CET during a press conference at the Volvo Showroom in Kungsträdgården, Stockholm. The press conference can be followed via the web here.

VOLVO 2 - A great set of results for Volvo, with increased sales, income and a huge jump in profits.

Volvo Car Group, the premium car maker, trebled its operating profit for 2015 to SEK6.620bn compared with SEK2.128bn for the same period in 2014. Revenue for the year was SEK164,043m, up from SEK137,590m in 2014.

The company also reported an all-time sales record of 503,127 cars in 2015, the first time it has sold more than half a million cars in its 89-year history, boosted by the introduction of its new 90 series cars and strong sales of existing models.

“I am pleased to report that 2015 was a year of record sales and trebled profits,” said Håkan Samuelsson, President and Chief Executive of Volvo Cars. “Now, with a successful 2015 behind us, Volvo Cars will enter the next phase of its global transformation. Once completed, Volvo will be a truly global premium car company."

Volvo is implementing a SEK75bn transformation programme as part of its long-term strategic ambition to establish itself 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 2015, the company made significant progress in achieving this goal.

Production of the new XC90 started and the end-of-year order intake of more than 88,000 XC90s far surpassed initial targets for the model. The start of production also meant the introduction of a third shift at the Torslanda plant in Sweden and more than 1,500 new manufacturing jobs.

In the first half of the year, Volvo also incorporated its three joint-venture operations in China, thereby taking control of the operations and providing a more accurate financial and operational picture of the company.

In the second half of the year, construction started on Volvo’s new manufacturing facility in South Carolina in the United States. The facility represents an investment of around USD500m and will be operational as of 2018. The new plant means Volvo will be able to build and sell cars in each of its three core regions, highlighting its global aspirations.

In December, Volvo revealed its new S90 premium saloon to wide acclaim at an event in Gothenburg. The S90 is the second new model on Volvo’s modular Scalable Product Architecture (SPA).

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

VOLVO 1 - The Swedish car maker is planning to sell cars without any keys, digital keys are here to stay.

For decades, drivers have been accustomed to accessing and driving cars with physical keys. But no longer. In a ground-breaking move for the automotive industry, Volvo Cars plans to become the world’s first car manufacturer to offer cars without keys from 2017.

Volvo customers will be offered an application for their mobile phones to replace the physical key with a digital key. The innovative Bluetooth-enabled digital key technology will offer Volvo customers far more flexibility, enabling them to benefit from entirely new ways to use and share cars.

The new Volvo app enables the digital key on the customer’s mobile phone to do everything a physical key currently does, such as locking or unlocking the doors or the boot and allowing the engine to be started.

This new technology will also offer customers the possibility to receive more than one digital key on their app, allowing them to access different Volvo cars in different locations – according to their changing mobility needs.

Using the app, people could potentially book and pay for a rental car anywhere in the world and have the digital car key delivered to their phone immediately. On arrival, a customer could simply locate the rental car via GPS, unlock it and drive away, avoiding those frustrating queues at airport or train station car rental desks.

Volvo Cars’ digital key means that sharing a car will become both simple and convenient. Volvo owners will be able to send their digital key to other people via their mobile phones so they can also use the car. This may be to family members, friends or co-workers in a company.

“At Volvo, we are not interested in technology for the sake of technology. New technology has to make our customers’ lives easier and save them time. Mobility needs are evolving and so are our customers’ expectation to access cars in an uncomplicated way,” said Henrik Green, Vice President of Product Strategy & Vehicle Line Management at Volvo Cars. “Our innovative digital key technology has the potential to completely change how a Volvo can be accessed and shared. Instead of sitting idle in a parking lot the entire day, cars could be used more often and efficiently by whoever the owner wishes.”

Volvo will pilot this technology in spring 2016 via its car-sharing firm Sunfleet, stationed at Gothenburg airport, Sweden. A limited number of commercially available cars will be equipped with the new digital key technology in 2017.

“There are obviously many permutations when it comes to how this shared key technology can be used,” added Martin Rosenqvist, New Car Director, Special Products at Volvo Cars. “We look forward to seeing how else this technology might be used in the future and we welcome any and all ideas.”

Volvo is a pioneer with new digital key solutions. In 2015, the Swedish premium car maker launched the world’s first commercial offer to have online shopping delivered directly to the car by providing a one-time digital key to a delivery company. Now the digital key technology will also be made available for customers.

Physical keys will continue to be offered for people who want them.

Volvo’s innovative keyless car technology will be shown for the first time at the Mobile World Congress 2016 (22-25 February) in Barcelona at the Ericsson booth.