The newly revealed 40 series concept models demonstrate for the first time how Volvo plans to expand into the large and lucrative global market for premium small cars with a range of vehicles that combine bold exterior and interior design with industry-leading connectivity, electrification and autonomous drive technologies.

The new concept cars will be the first built around Volvo's new Compact Modular Architecture (CMA), which has been specially created for smaller cars and which has liberated the company's designers and engineers to explore bold and daring new directions.

The company announced revenues for the first three months of the year rose 24 per cent year-on-year to SEK41.7bn, generating an operating profit of SEK3.1bn and an operating profit margin of 7.5 per cent. Global sales for the first quarter of 2016 increased 11.9 per cent to 120,591 cars. Volvo has a medium-term ambition to sell 800,000 cars a year, up from 503,000 in 2015.