Volvo just posted record sales in 2015 -- and predicts an even better 2016

Swedish carmaker Volvo posted a second consecutive year of record sales in 2015, according to an official statement from the company made on Friday.

The company also predicts an even better 2016.

Bloomberg’s Tom Lavell reported:

Buoyed by the new XC90 sport utility vehicle, deliveries reached a new high last year, rising 8 per cent to 503,127 vehicles…It was the first time the 89-year-old automaker has breached the half-million sales mark in one year.

“Volvo is about to enter the second phase of its global transformation,” CEO Hakan Samuelsson said in the official press release. “Once completed, Volvo will have ceased being a minor automotive player and taken its position as a truly global premium car company.”

Though 2015 showed increased sales for much of the auto industry, Volvo’s exceptional success comes as no surprise. Business Insider tested both the XC90 and S60 sedans and we were impressed with both, naming the XC90 our 2015 Car of the Year,

Things should only get better for Volvo. With the upcoming introduction of the S90 sedan this month at the Detroit Auto Show, the company will compete with the standard array of plus-sized German luxury sedans like the Audi A8 and the BMW 7 Series.

Grabbing market share in that range will solidify Volvo’s arrival as a luxury brand competitor, a critical aspect of its revival as a brand (Ford sold it to China’s Geeley during the financial crisis).

Volvo for decades was considered an alternative to the German luxury car makers, or a “near” luxury brand that made sense for folks who wanted something with a bit more backstory than what the mass market offered.

Luxury, however, is now the name of the game for the storied Swedish company.

NOW WATCH: Volkswagen’s brand chief gave an extended apology before their CES keynote

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.