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Volvo Cars net profit doubles in Q3

dpadpa 27/10/2016

Sweden's Volvo Cars says its third-quarter net profit doubled.

Volvo Cars says its third-quarter net profit doubled, driven by strong sales in China and the United States.

Net income for the period was 1.37 billion kronor ($A202 million), compared to 661 million kronor in 2015.

The Swedish carmaker said revenue rose almost five billion kronor to 41.1 billion kronor in the quarter.

Overall, car sales increased almost eight per cent year-on-year to 122,766 cars.

Chief executive Hakan Samuelsson said the carmaker was "on track for another record year in terms of sales."

Sales in China - its largest market - climbed about 24 per cent to almost 22,700 cars, while sales jumped over 28 per cent in the US to just under 22,000 cars.

In western Europe sales were flat, while they declined 9.5 per cent in Sweden.

Volvo Cars said the XC60 was its best-selling car in the quarter, selling 38,120 units.

The carmaker said it had about 30,000 full-time employees at the end of September, an addition of almost 1,500 employees compared with a year ago.

China-based Zhejiang Geely Holding Group took over ownership of the Swedish carmaker in 2010 from US automotive giant Ford.

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