Volvo Cars, the premium car maker, has reported a robust 66% increase in operating profit in 2016 to SEK11.0bn (USD 1.24bn) compared to SEK6.62bn (USD 7.45m) in 2015, as global sales hit a new record of 534,332 cars. Zooming into the Middle East,
Volvo Cars improved its position in the premium segment, reporting 14.4% significant and 1,196 units sold while overall industry sales across the region and the premium segment have fallen by 21%.
Emre Karaer, General Manager – Volvo Cars MENA & CIS commented, “The Middle East is a key growth market for premium cars and it represents an important region for Volvo Cars as well.
We are optimistic that 2017 will not witness any further drops in sales allowing the industry to recover by 2018.”