Geely's Volvo Cars has boosted third quarter 2019 operating profit 90% to SEK3,492m.
Global retail sales rose 7.7% to 166,878 cars and revenue was up 14.2% to SEK64,827m.
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Net income rose 108.8% to SEK2,376m and EBIT margin climbed to 5.4% from 3.2%.
CEO Hakan Samuelsson said: "During the third quarter, Volvo Cars continued to grow faster than the industry in Europe, China and the US. The growth in unit sales, revenue and profit was driven by a strong demand for our SUV range as well as cost efficiency. Our focus on sustainable production, and the ambition to reduce total lifecycle carbon footprint of our cars by 40% by 2025, will ensure a long-term sustainable business, which is core to us, our consumers and the environment."
For the rest of 2019 Volvo Cars expects continued growth in sales and revenue, market conditions to put continued pressure on margins and volume growth. It has initiated cost actions to strengthen profit in the second half of the year compared with the same period last year.
After an intense period of investments in global footprint and new technology, the automaker expects a slightly lower level of capital expenditure.
