Volvo Cars high-end drive pays off in 2015 profits

Swedish carmaker Volvo, owned by the Chinese Geely group, said on Thursday that its five-year transformation into a premium player had paid off with a massive increase in net profits. "We had to make bold decisions in the last few years -- that was a necessity -- by investing to have new vehicles, new motors, new platforms," chief executive Haakan Samuelsson told AFP on the margins of the automaker's results presentation. For 2016, Volvo said it expects a further increase in sales, despite the Chinese economic slowdown.

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