New Volvo owner boosted by 48 per cent sales rise in China
15 April 2010

New Volvo owner Geely has reported a rise in profits from £83 million in 2008 to £112 million last year.

The carmaker was boosted by a 48 per cent rise in vehicle sales last year, aided by the Chinese government's subsidies for small cars.

Geely 'Rolls-Royce' modified

Announcing the profits, a Geely statement stressed that keeping costs under control was still the company's main priority.

Overall, Geely generated £1.348 billion in revenue in 2009. It plans to invest £580 million in Volvo to try to bring the Swedish carmaker back into profitability.

Geely is seeking to boost profits further by offering more expensive models at home and selling 50 percent of its cars overseas by 2015.

The carmaker plans to show 59 cars at next week’s Beijing motor show.

Robert Cullen

Follow us on FacebookSee all the latest Volvo reviews, news and video

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK