Volvo Car Unspon - VLVCY STOCK NEWS

Volvo Cars (VLVCY) reported a record core operating profit of SEK 8.2 billion in Q2 2024, up 28% year-over-year. The core EBIT margin reached a record high of 8.1%, compared to 6.3% in Q2 2023. Global retail sales rose by 15% to 205,400 cars, driven by strong performance in electrified vehicles. The electrified share of sales reached 48%, with fully electric cars accounting for 26% of sales. Despite a slight revenue decline to SEK 101.5 billion, gross margins improved to 22.8%, with EV gross margins hitting 20%. Volvo Cars expects retail sales to grow by 12-15% in 2024, subject to no major disruptions.

Volvo Cars reports an 8% increase in Q1 2024 core operating profit to SEK 6.8 billion, with revenue at SEK 93.9 billion. The company achieved a 12% rise in retail sales and set new sales records in various markets. The EV sales share increased to 21%, with impressive gross margins on EVs. Volvo Cars expects strong demand and aims for at least 15% sales growth in 2024, focusing on profitable growth and cost efficiency.

Volvo Car AB (publ.) had a remarkable year in 2023, achieving record-breaking sales, revenues, and operating profit. The Annual and Sustainability Report highlights strategic priorities and ambitions, emphasizing sustainability. With a new sales record of 708,716 cars, revenues increased by 21% to SEK 399.3 billion. Operating profit rose by 43% to SEK 25.6 billion, with an operating margin of 6.4%. Volvo Cars sold 113,419 fully electric cars, a 70% increase from 2022, capturing a 16% global market share.

Volvo Cars reported a record-breaking year in 2023 with the highest full-year retail sales, revenues, and operating profit in its 97-year history. The company's 2023 revenue was SEK 399.3 billion, representing a 21% increase from 2022. Operating income also saw significant growth, reaching SEK 25.6 billion, a 43% increase from the previous year. Volvo Cars' focus on developing its electrified product portfolio has resulted in an increase in fully electric car sales, accounting for 16% of its total global sales volume. The company is set to continue its transformation towards becoming a fully electric car maker by 2030, with the introduction of new electric models such as the EX30 small SUV, EX90 flagship SUV, and EM90 MPV.

Volvo Cars (VOLV-B.ST) welcomes Polestar's strengthened business plan aiming for growth and profitability, indicating gross margins in the high teens by 2025 and a cash flow break-even point in the same year. Volvo Cars will provide financial support to Polestar through an extension in the maturity of an existing term loan and an increase in the existing facility by USD 200 million. Geely Holding will also provide financial support to Polestar via a USD 250 million new loan.

Volvo Cars reports a 75% increase in Q3 operating profits, with strong sales and revenue growth. Q3 revenue was SEK 92 bn, operating income was SEK 6.1 bn, and EBIT margin was 6.7%. The company saw double-digit growth in retail sales and a 13% share of fully electric car sales. Volvo Cars plans to become a fully electric car company by 2030.

Volvo Cars reported a positive Q1 2023 performance with revenues reaching SEK 95.7 billion, a 29% increase year-over-year. Operating income excluding JVs rose 7% to SEK 6.3 billion, with a corresponding EBIT margin of 6.6%. Basic earnings per share slightly decreased to SEK 1.21 from SEK 1.29 in Q1 2022. Notably, fully electric car sales surged by 157%, capturing 18% of total sales. The company remains focused on its transformation towards electrification and plans to launch additional electric models. Despite challenges from rising raw material costs, particularly lithium, which has seen an 800% increase over two years, a decline in lithium prices is anticipated to support profitability. Overall demand remains stable with strong order levels.

Volvo Cars announced significant progress in its strategic goals, aiming to become a fully electric car company by 2030 and climate neutral by 2040. In FY22, revenues increased by 17% to 330.1 billion SEK, while operating income reached 22.3 billion SEK with a 6.8% EBIT margin. Fully electric cars accounted for 11% of total sales, a notable rise from 4% in FY21. Despite ongoing supply chain challenges, Volvo Cars expects healthy demand and plans for a solid double-digit growth in 2023. The company continues its commitment to reducing CO₂ emissions and enhancing efficiency.