Volvo Cars has reported a 66% increase in operating profit in 2016 to SEK11.0bn compared to SEK6.6bn in 2015. Net revenue for the period increased 10% to SEK180.7bn compared to SEK164.0bn in 2015, while the operating profit margin improved from 4% in 2015 to 6.1% in 2016.
The new models have made an impact, with the roll-out of its top-of-the-range 90 series during 2016 successfully repositioning the brand as a genuine premium competitor. Two significant new alliances were announced during the year, reinforcing the company’s position in autonomous driving, connectivity and safety. In August, it joined forces with Uber to develop next generation autonomous driving cars, and in September it announced plans to create a new joint venture with Autoliv, the worldwide leader in automotive safety systems, to develop autonomous driving software.