Volvo moved over 503,000 units in 2015 and said   that its sports utility vehicle (SUV) model XC90 had boosted sales towards the end of the year.

"Now, with a successful 2015 behind us, Volvo is about to enter the second phase of its global transformation," Hakan Samuelsson, Volvo's chairman of the executive board, said.

Volvo's sales were boosted by a 24 percent year-on-year hike in the US and a 16 percent surge in Sweden, according to company figures.

The carmaker sold 198,000 units in western Europe, it's largest market. The XC60 proved its most popular model, accounting for nearly a third of total sales in 2015.

Volvo targeted further expansion in China, where annual sales remained flat in 2015, and said it sought to double its market share in Europe.

Acquired by Geely in 2010, Volvo Cars posted a 2.3 billion SEK (USD 269 million) profit in 2014.

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