Volvo calling for improved sales, profits in 2015

Volvo is forecasting a solid 2015.

Volvo expects higher demand from China and Europe to boost the company's sales and profits in 2015, the firm's CEO announced this week. The Geely-owned automaker has been in the midst of a far-reaching turnaround plan since being sold off by Ford in 2010.

According to Hakan Samuelsson, president and chief executive of Volvo, sales at the Gothenburg-based company will approach 500,000 units this year, up from 465,866 global sales in 2014. Those 465,866 delivered set a new company record for Volvo.

Additionally, Samuelsson is predicting Volvo's operating profit will beat last year's $269 million take.

"Volvo's story in 2015 will continue to be one of growth and sustainable profitability,” said Samuelsson. "This year, however, we will undoubtedly receive a boost after we start delivering the new XC90 to customers. This car is already a success. We have already received orders for around 17,000 XC90s, around a third of expected volume in 2015.”

Volvo says its entire lineup will be freshened by 2020. By that same year Volvo hopes to sell 800,000 vehicles annually.