Volvo Cars said its 2014 operating profit rose 17 percent in its best year of sales to date as rapid expansion in China and recovery in Europe took the sting off the brand's lingering weakness in the U.S.
Operating profit increased to 2.25 billion kronor ($271 million) in 2014 from 1.92 billion kronor a year earlier, the carmaker said. Revenue gained 6.3 percent to 130 billion kronor.
"The company is in an investment phase right now," CEO Hakan Samuelsson said in a statement today. "The fruits of these investments will start to be felt from this year."
The company 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 rivals BMW, Audi and Mercedes-Benz.