Volvo Car AB (publ.) publishes Annual and Sustainability Report 2023

Rhea-AI Summary

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.

GOTHENBURG, Sweden, March 5, 2024 /PRNewswire/ -- Volvo Car AB (publ.) publishes its Annual and Sustainability Report for 2023 on the Investors website. The report can be found here.

In addition to the events and financials of 2023, the Annual and Sustainability Report focuses on the strategic priorities and ambitions. Sustainability reporting is integrated in the Annual and Sustainability Report and has been prepared in accordance with Global Reporting Initiative (GRI).

Volvo Cars^[1] had a record-breaking year in 2023, with the highest full-year retail sales, revenues and operating profit in its 97-year history.

A new all-time sales record of 708,716 cars enabled revenues to rise by 21 per cent to SEK 399.3 billion for the full year 2023. The underlying operating profit of SEK 25.6 billion, excluding joint ventures and associates, represents an increase of 43 per cent compared to 2022. The operating margin excluding JVs and associates came in at 6.4 per cent, up from 5.4 per cent in 2022.

Volvo Cars sold 113,419 fully electric cars in 2023, an increase of 70 per cent versus 2022 and representing 16 per cent of its total global sales volume, which was one of the highest among all legacy premium carmakers. Compared to 2022, Volvo Cars increased its global electric market share by 34 per cent.

^{[1] Volvo Car AB (publ.) together with its wholly-owned subsidiary Volvo Car Corporation and its subsidiaries are jointly referred to as "Volvo Car Group" or "Volvo Cars".}

This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 05-03-2024 07:00 CET.

For further information please contact:

Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com

Volvo Cars Investor Relations
John Hernander
+46 31-793 94 00
investors@volvocars.com

The following files are available for download:

https://mb.cision.com/Main/20685/3940574/2646955.pdf	Volvo Cars Annual and Sustainability Report 2023
https://mb.cision.com/Main/20685/3940574/2646956.zip	VolvoCarAB-2023-12-31-en.zip
https://mb.cision.com/Public/20685/3940574/a8e2b62fff129f5a.pdf	Volvo Cars Sustainability reference index
https://news.cision.com/volvo-car-ab--publ-/i/ex30,c3274426	EX30

View original content:https://www.prnewswire.com/news-releases/volvo-car-ab-publ-publishes-annual-and-sustainability-report-2023-302079399.html

SOURCE Volvo Car AB (publ)

FAQ

How many cars did Volvo Car AB (publ.) sell in 2023?

Volvo Car AB (publ.) sold a record-breaking 708,716 cars in 2023.

What was the revenue increase in 2023 for Volvo Car AB (publ.)?

Revenues for Volvo Car AB (publ.) rose by 21% to SEK 399.3 billion in 2023.

What was the operating profit percentage growth for Volvo Car AB (publ.) in 2023?

The operating profit for Volvo Car AB (publ.) grew by 43% in 2023 to SEK 25.6 billion.

What percentage of Volvo Car AB (publ.)'s global sales volume were fully electric cars in 2023?

Fully electric cars represented 16% of Volvo Car AB (publ.)'s total global sales volume in 2023.

How much did Volvo Car AB (publ.) increase its global electric market share by in 2023?

Volvo Car AB (publ.) increased its global electric market share by 34% in 2023.