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       Volvo Cars profit triples in first half
 
         Posted on :15:48:52 Jul 21, 2016
   
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       Last edited on:15:48:52 Jul 21, 2016
         Tags: Volvo Cars, profit triples, first half
 
STOCKHOLM: Geely-owned automaker Volvo Car Group reported its operating earnings tripled in the first half and said a further roll-out of new, more up-market models would help drive sales in the remaining months of the year.
 
The carmaker, bought by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. in 2010, said operating earnings rose to 5.59 billion Swedish crowns ($649.8 million) from a year-ago 1.66 billion.
 
Gothenburg-based Volvo saw sales rise to 83.65 billion crowns from 75.22 billion a year ago underpinned by strong demand for its flagship XC90 SUV, and said the launch of its S90 sedan and V90 estate would provide a boost in the second half.
 
"This robust first half financial and operational performance combined with a positive product pipeline allows me to state confidently that Volvo Cars expects to report another record full year in 2016 in terms of sales and profitability," Volvo Chief Executive Hakan Samuelsson said in a statement.
 
Launch costs for the new models meant the group's operating margin dipped slightly relative to that reported for the first quarter alone, but it still stood at 6.7 percent versus the 2.2 percent posted in the first half of last year.
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       AUTOMOBILE
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AUTOMOBILE HEADLINES
Volvo Cars plans to assemble two more models in India this year  
Toyota plans to hike vehicle prices next month  
China to lift foreign ownership limits on automakers  
VW's new CEO asserts authority as sets out on road to reform  
Paris Motor Show 2018 to be trendsetter in showcasing futuristic technologies in automobile space  
Mahindra Electric, Zoomcar partner to offer self-drive EVs on rent  
Ford could make electric cars in Germany after 2023  
HMSI recalls 56,194 units of Aviator, Activa 125, Grazia  
Tesla recalls early model S vehicles over power steering bolts  
Jaguar Land Rover to test self-driving valet parking on Britain's streets  
Maruti Suzuki Devils Circuit becomes India's leading disruptive sporting property  
Chandrababu Naidu to launch Hero Motors plant project Friday  
BlackBerry, JLR ink pact for next-generation vehicles  
Tata Motors delivers 25 hybrid electric buses to MMRDA  
American cycling brand Trek Bicycle launches in India  
Hero MotoSports team to take part in Desert Storm  
Mobycy unveils new range of smart electric bicycles  
Production of vehicles up by 14.41% till Feb'18  
New Rolls-Royce Phantom arrives in North India  
California allows autonomous car testing without backup drivers  
Tips to keep in mind before buying car insurance  
Andhra to develop as automobile hub: CM Naidu  
Royal Enfield strengthens its dealership network in Maharashtra, inaugurates new dealership in Mumbai  
Name of new high-bodied vehicle to be Rolls-Royce Cullinan  
Vintage car rally grab eyeballs in national capital  
 
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