Volvo Cars trebled its profits in the first half of 2016
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Geely-owned automaker Volvo Car Group reported its operating earnings tripled in the first half and said a further roll-out of new, more up-markmodels would help drive sales in the remaining months of the year. The carmaker, bought by China's
Gothenburg-based Volvo saw sales rise to 83.65 billion crowns from 75.22 billion a year ago underpinned by strong demand for its flagship XC90 SUV, and said the launch of its S90 sedan and V90 estate would provide a boost in the second half.
"This robust first half financial and operational performance combined with a positive product pipeline allows me to state confidently that
Launch costs for the new models meant the group's operating margin dipped slightly relative to that reported for the first quarter alone, but it still stood at 6.7 percent versus the 2.2 percent posted in the first half of last year.
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