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Geely's Volvo sees record sales, higher earnings in 2016

Reuters

STOCKHOLM (Reuters) - Geely-owned carmaker Volvo Car Group forecast record sales and higher profit this year after strong growth in Europe and the United States saw it treble operating earnings in 2015.

The Gothenburg-based company, bought by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. (F.N) in 2010, said full-year operating earnings rose to 6.62 billion Swedish crowns ($776.6 million) from 2.13 billion in the previous year.

Volvo is banking on a 75 billion crown investment programme in a string of new models and plants to secure it a firm foothold in a premium market dominated by German heavyweights such as Daimler's (DAIGn.DE) Mercedes-Benz and BMW (BMWG.DE).

Strong sales of the Swedish brand's new XC90 SUV helped drive a rise in revenues to 164.0 billion crowns from 137.6 billion in 2014 while a slowdown in China was more than offset by growth in other markets.

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The company, one of Sweden's biggest by sales and number of employees, said in a statement it saw growth in all its main markets - China, Europe and the United States - underpinning what would be third straight year of record sales in 2016.

(Reporting by Niklas Pollard; Editing by Alistair Scrutton)