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.
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Volvo Cars in 2023
For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of SEK 25.6 billion. Revenue in 2023 amounted to an all-time high of SEK 399.3 billion, while global sales reached a record 708,716 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”.
"For life. To give people the freedom to move in a personal, sustainable and safe way." This purpose is reflected in Volvo Cars' 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 2023, Volvo Cars employed approximately 43,400 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 and Shanghai (China).
For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com
