Volvo Car Group, owned by China’s Geely, said on Friday it sold a record 503,127 cars last year, up 8 percent from the previous year.

“Now, with a successful 2015 behind us, Volvo is about to enter the second phase of its global transformation,” Volvo Car Group Chief Executive Hakan Samuelsson said in a statement.

“Once completed, Volvo will have ceased being a minor automotive player and taken its position as a truly global premium car company.”

For 2016 Geely Auto is aiming for a sales increase of 18% to 600,000 units which will be achieved by further strengthening the brand, introduction of several new key models, including SUV’s, Crossovers and sedans and strengthening domestic and international sales networks, it said.

Sales were boosted by demand for its new flagship XC90 SUV model and strong growth in the United States and Europe.