STOCKHOLM, May 4 (Reuters) - Geely-owned automaker Volvo Car Group swung to a profit in the first quarter as its new up-market models helped drive margins to the level it has set as a benchmark to be competitive with bigger global rivals.

The Gothenburg-based carmaker, bought by China's Zhejiang Geely Holding Group Co. from Ford Motor Co. in 2010, said operating earnings rose to 3.1 billion Swedish crowns ($392 million) in the quarter from a year-ago loss of 11 million.

($1 = 7.9162 Swedish crowns) (Reporting by Niklas Pollard; Editing by Alistair Scrutton)