Volvo Cars held its virtual Capital Market Update, livestreamed from Milan, on June 8, 2023.
The update followed the successful reveal of the new, fully electric Volvo EX30 small SUV, which comes at an attractive price and will take Volvo Cars into an exciting new market segment.
During the Capital Market Update, Volvo Cars’ leadership provided more granularity on the Volvo EX30’s contribution to the company’s growth and profitability ambitions. Volvo Cars executives elaborated on how the Volvo EX30, one of the company’s most significant business opportunities in the coming years, will serve as a building block for the company’s strategic transformation.
The company provided further colour on the execution of its commercial transformation, starting in the United Kingdom, which will be the first market to switch to a fully integrated online/physical, direct-to-consumer model this year. It also talked about the transformed sales process, which will result in an improved customer experience by seamlessly merging online and offline channels, and its implications for the company.
Finally, Volvo Cars described the journey towards its mid-decade ambition of reaching an operating profit margin of 8-10 per cent. During this session the company elaborated on key factors influencing profitability, including the cost of electrification, the leverage from future growth on indirect costs, cost efficiencies, synergies, and income from affiliates.
Volvo Cars in 2022
For the full year 2022, Volvo Car Group recorded an operating profit of SEK 22.3 billion. Revenue in 2022 amounted to SEK 330.1 billion, while global sales reached 615,121 cars.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.
Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
As of December 2022, Volvo Cars employed approximately 43,200 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China).
For further information please contact:
Volvo Cars Investor Relations
+46 31-793 94 00