Swedish automaker Volvo sold more cars in 2014 than any other year in its history, bolstered by strong sales in China and Europe. The company sold 465,866 cars worldwide, an increase of 8.9 percent or 38,000 cars, compared to 2013.
In China, Volvo’s largest market, more than 80,000 new cars left dealers’ lots. Along with strong European growth, Volvo has seen a sales increase every month since July 2013.
Hakan Samuelsson, president and chief executive of Volvo Cars, said that the company is in an investment phase and will start seeing the benefits of this effort this year, en route to increasing worldwide sales to 800,000 units.
To achieve this goal, Volvo plans to overhaul their entire lineup, starting with the new XC90 crossover. The XC90 is the first model to use the brand’s new Scalable Product Architecture (SPA), a new modular platform that will be used across all upcoming models. The XC90 also is the first model to employ the Drive-E powertrain, which is designed to improve performance and reduce emissions.
To meet the company’s sales goals, Volvo is also increasing production in Europe and in China, where XC90 production has already started at its Chengdu facility.
Thanks to the record sales numbers, the brand has seen a profit increase of 2,252 million Swedish Krona, or about $269 million.
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