Volvo CEO Hakan Samuelsson, who has pushed the Swedish automaker to new heights in the past five years, will speak at the Automotive News Europe Congress on June 21 in Barcelona.
Samuelsson joined Volvo as its top executive in 2012 after heading the German truckmaker MAN — the culmination of 35 years in the truck industry. At the time, Volvo’s prospects were uncertain following its sale by Ford Motor Co. to China’s Zhejiang Geely Holding Group in 2010.
But Volvo has more than survived. It plans to achieve global sales of 800,000 by 2020 and match the pricing and profitability of German luxury brands by that time.
Sales last year increased 6 percent to 534,332 units and Samuelsson expects to set a fourth consecutive sales record in 2017. Meanwhile, the cash has been pouring in.
In 2016 Volvo’s operating profit rose 66 percent to 11 billion Swedish crowns ($1.25 billion) on revenue of $20.2 billion, giving it an operating margin of 6.1 percent. It has cash reserves of $4.3 billion, up from $2.9 million in 2015.
In the first quarter, Volvo increased operating profit by 11 percent.
The Rising Stars ceremony and Automotive News Europe Congress will be held June 20-21 at Casa Llotja de Mar and the Hotel Fairmont King Juan Carlos I in Barcelona.