Volvo said it had sold over half a million cars in 2015 - 503,127 exactly - its highest annual sales figure ever, representing a rise of eight percent over the previous year.
"Volvo is about to enter the second phase of its global transformation. Once completed, Volvo will have ceased being a minor automotive player and taken its position as a truly global premium car company," company chief Haakan Samuelsson said in a statement.
"More records will tumble in coming years," he said.
Volvo has made no secret of its ambition to compete head-on with leading global high-end brands Audi, BMW, Mercedes-Benz and Jaguar.
Both Audi and Mercedes-Benz maker Daimler reported Friday record sales of over 1.8 million vehicles last year.