Geely-owned Volvo profit rises as China growth lifts sales to record

Geely-owned carmaker Volvo Car Group said on Thursday its 2014 operating profit rose 17.5 percent in its best year of sales to date as rapid expansion in China and recovery in Europe took the sting off lingering weakness for the brand in the United States. Volvo sold a record 465,866 cars last year but is still far from its goal of selling 800,000 cars in 2020 and making real inroads into a premium market dominated by German heavyweights such as Daimler's Mercedes-Benz and BMW. Chief Executive Hakan Samuelsson told Reuters the carmaker expected to reach sales up around 500,000 cars this year as it outpaced underlying markets in Europe and China and returned to growth in its ailing U.S. business. "We are planning for a new all-time high this year," Samuelsson said in a telephone interview.



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