Volvo Cars triples profits, breaks annual sales record

Volvo Cars on Thursday posted an annual sales record for 2015 as operating profits more than tripled over the year for the global automaker.

Volvo Cars sold at least 503,000 cars over the period to net $779 million in operating income compared to $248 million in 2014, the company said in its yearly earnings report.

"I am pleased to report that 2015 was a year of record sales and trebled profits," CEO Hakan Samuelsson said in a statement.

The group's net earnings reached $1.89 billion after totalling $1.12 billion in 2014.

Volvo's annual revenue witnessed a 19-percent increase year on year, Xinhua news agency reported.

"Now, with a successful 2015 behind us, Volvo Cars will enter the next phase of its global transformation. Once completed, Volvo will be a truly global premium car company," Samuelsson said.

As part of the company's transition, Volvo on Thursday uncovered its V90 estate model in Stockholm, equipped with semi-assisted drive technology and integration with Apple's in-car controller and entertainment service Carplay.

Last year was the first in which Volvo sold more than 500,000 cars, with the carmaker aiming to bring annual sales to 800,000 units "in the medium term".

Volvo Cars, acquired by Chinese automaker Geely in 2010, employs 29,000 people globally.