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Swedish automaker Volvo Car Group – owned by China’s Geely – swung to a profit in the first quarter as its new up-market models helped drive margins to the level it has set as a benchmark to be competitive with bigger global rivals.
Booming consumer demand for larger vehicles across Europe and China fuelled the company’s sales, Financial Times said.
“The [XC90] contributed a lot,” said Håkan Samuelsson, chief executive of Volvo Cars.
He added that safety features, such as crash avoidance software — which includes a large animal detection system — and a new design had proved popular, the FT said.
“We have taken a step into the premium league,” he said.
The Swedish carmaker moved into the black in the first quarter, with an operating profit of SEK3.1bn (€341m), compared to a loss of SEK11m (€1.2m) one year earlier.
Last Updated (Tuesday, 10 May 2016 02:42)