Swedish premium car maker Volvo has continued its strong sales resurgence in 2018, with an 83.7% increase in cars sold in August.
National sales data released by VFACTs show Volvo's sales in the premium SUV segment are up nearly 34% year to date. In August Volvo sold 689 cars, an increase of 83.7% compared to August 2017.
Volvo's sales resurgence is due to the popularity of its award-winning XC60 in the mid-sized SUV segment, and the XC40 in the small SUV segment. In August, the Volvo XC40 was placed second overall, while the Volvo XC60 came in fourth.
The August sales follow strong sales growth in June and July.
"Our consistent sales results in 2018 demonstrate that Volvo is an increasingly highly desired brand by consumers in the luxury SUV market in Australia," said Volvo Car Australia Managing Director, Nick Connor.
"In August Volvo once again outperformed the luxury SUV market. Sales by the top eight (8) brands in the mid-sized SUV segment were down nearly 13%, but Volvo's sales increased by nearly 84%."
"The investments Volvo is making in safety, design and technology, and in our brand are paying off, and we are seeing this being reflected in consistent sales growth."
Volvo's resurgence in 2018 is being driven by sales of the award-winning mid-sized XC60 SUV and the compact XC40 SUV.
Since it was launched last October the Volvo XC60 has won a swag of awards, including 2018 Wheels Car of The Year, the Australia's Best Cars Award 2018 for the best All Wheel Drive (AWD) SUV in the $65,000 - $125,000 category.
In addition to the local awards the Volvo XC60 is the current World Car of The Year.
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Volvo Car Group in 2017
For the 2017 financial year, Volvo Car Group recorded an operating profit of 14,061 MSEK (11,014 MSEK in
2016). Revenue over the period amounted to 210,912 MSEK (180,902 MSEK). For the full year 2017, global
sales reached a record 571,577 cars, an increase of 7.0 per cent versus 2016. The results underline the
comprehensive transformation of Volvo Cars' finances and operations in recent years, positioning the company
for its next growth phase.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car
brands in the world with sales of 571,577 cars in 2017 in about 100 countries. Volvo Cars has been under the
ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish
Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars
was acquired by Geely Holding.
In 2017, Volvo Cars employed on average approximately 38,000 (30,400) full-time employees. Volvo Cars head
office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden.
Volvo Cars head office for China is located in Shanghai. The company's main car production plants are located in
Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in
Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).