Volvo Cars today re-confirmed its mid-decade ambitions at the company’s first ever Capital Markets Day in Stockholm, as senior management gave shareholders and analysts an update on its progress towards those ambitions.
A true seven-seater, all-electric SUV that further raises our standards in safety and a more sustainable lifestyle: the new Volvo EX90 represents the start of a new era for our company in which we set a decisive course for a fully electric future.
The new Volvo EX90 is more than just a car. Revealed to the world in downtown Stockholm today, it’s not just the most advanced Volvo car we ever created – it’s your entry ticket to a wider ecosystem of services and features that can make your life easier, more enjoyable and allow you to reap the full benefits of going all-electric.
Volvo Cars has a strategic direction to become fully electric by 2030 and shape the future of mobility. In line with those strategic ambitions, Volvo Cars will divest its 33 percent holding in Aurobay to Geely Holding.
Volvo Cars is acting on its commitment to support the growth and development of Polestar by providing financial support in the form of an 18-month term loan, amounting to a total of USD 800M. The loan includes an option for Volvo Cars to convert to equity on a pro rata basis in a potential future equity raise by Polestar.
Volvo Cars today reported sales of 54,317 cars in October, up 6.9 per cent compared with the same month last year. Overall underlying demand for the company’s cars remains robust, especially for its Recharge range of pure electric and plug-in hybrid cars.
Volvo Cars today reports an operating profit, excluding JVs and associates, of SEK 3.5 billion and a profit margin of 4.4 per cent, a result that reflects the multiple headwinds facing the global car industry.