OREANDA-NEWS. Volvo Cars’ sales grew twice as fast as its nearest competitors in Europe in 2014, according to the European Automobile Manufacturers' Association (ACEA).

Volvo’s 10.6 per cent growth during 2014 outpaced its main competitors in the premium segment. Sales at Audi during the period rose 4.2 per cent, while BMW was up 5.1 per cent and Mercedes 5.3 per cent, according to ACEA.

ACEA said overall sales in the 15 European Union countries and the three European Free Trade Area Countries – the broadest measure of the European market – increased 4.2 per cent in 2014, meaning Volvo also grew twice as fast as the broader market.

 “We are delighted with the pace of our growth, but not surprised,” said Alain Visser, Senior Vice President Sales and Marketing. “Volvo makes some of the safest, most environmentally friendly and attractive cars on the market, so it is only natural that customers seek to own them.”

Volvo’s registered strong growth across the European continent, but performed especially well in Sweden, the UK and Germany.

According to Volvo’s own figures, sales in Sweden grew 17.4 per cent on strong demand for the Volvo XC60 and XC70 crossover models, while the UK and Germany were up 25.5 and 18.3 per cent respectively, driven by the Volvo V40 hatchback and the XC60.

Volvo Cars generated record global sales in 2014 of 465,866 cars and has reported 18 consecutive months of sales increases, underlining the pace and depth of its global transformation. All this was achieved prior to the launch of the all-new Volvo XC90 which will reach showrooms during the first half of 2015. The entire model range of Volvo Cars will be replaced within the coming five years.

Volvo Cars is midway through a global transformation that involves the creation of a global industrial footprint, the complete renewal of Volvo’s product range over the next five years, the introduction of a new modular chassis technology, world first safety technologies, a new design language, a new powertrain architecture and a range of class leading connectivity services.

Volvo Car Group in 2013/14

For the 2013 financial year, Volvo Car Group recorded an operating profit of 1,919 MSEK (66 MSEK in 2012). Revenue over the period amounted to 122,245 MSEK (124,547 MSEK), while net income amounted to 960 MSEK (-542 MSEK). Global retail sales for the year amounted to 427,840 (421,951) cars, an increase of 1.4 per cent compared to 2012. The operating profit was the result of cost control and strong sales and was further tangible proof of Volvo Car Group’s progress in implementing its transformation plan. For the full year 2014, global sales reached 465,866 cars, an increase of 8.9 per cent versus 2013. Full year financials for 2014 will be announced during the first quarter of 2015.

About Volvo Car Group

Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 465,866 in 2014 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.

As of December 2014, Volvo Cars had over 25,000 employees worldwide. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium) and Chengdu (China), while engines are manufactured in Sk?vde (Sweden) and Zhangjiakou (China) and body components in Olofstr?m (Sweden).