Volvo has offered further evidence of its renaissance under Chinese ownership, posting a healthy rise in earnings that it said “cleared the way” for further investment in its global expansion.
The Swedish carmaker sold a record 466,000 vehicles in 2014, up almost 10 per cent on the previous year, as China became its biggest single market for the first time, followed by Sweden and the US.
Volvo, owned by Geely, is renewing its product line-up in its efforts to meet its midterm target of 800,000 in annual sales, twice the level at which the company had stagnated for much of the past decade. It hopes to sell up to 500,000 cars this year.
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