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Volvo Cars swings to Q1 profit as new models boost margins

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Geely-owned automaker Volvo Car Group swung to a profit in the first quarter as its new up-market models helped drive margins to the level it has set as a benchmark to be competitive with bigger global rivals.

[STOCKHOLM] Geely-owned automaker Volvo Car Group swung to a profit in the first quarter as its new up-market models helped drive margins to the level it has set as a benchmark to be competitive with bigger global rivals.

The Gothenburg-based carmaker, bought by China's Zhejiang Geely Holding Group Co from Ford Motor Co in 2010, said operating earnings rose to 3.1 billion Swedish crowns (S$520.5 million) in the quarter from a year-ago loss of 11 million.

REUTERS