[News-Oxcart Network]
Volvo Car Group recently released its latest financial report showing that in 2021, it achieved revenue of SEK 282 billion, up 7.31% year-on-year; operating profit rose by 138.82% year-on-year to SEK 20.3 billion; net profit was SEK 14.2 billion, up 82% year-on-year; gross margin also rose from 17.5% in 2020 to 21.4% in 2021.
Volvo Cars CEO Hanken Samuelson was quite pleased with this, saying: "I am proud of Volvo's 2021! Although the shortage of spare parts in the automotive industry continues... But we increased our global market share and achieved the highest revenue and profitability ever. ”
By region, with the exception of the European market, all major markets around the world achieved growth: the Chinese market revenue was SEK 63.526 billion, a slight increase of 3.74% year-on-year; the US market revenue was SEK 52.015 billion, up 28.18% year-on-year.
In terms of cash flow, cash flow from operating activities was SEK 29.9 billion, down 13 percent from last year.
Last year, Volvo's global sales reached 698,700 units, a slight increase of 6% year-on-year; of which the proportion of RECHARGE models increased from 3% in 2020 to 8%.
In March 2021, Volvo Car Group announced that it will increase the proportion of pure electric model sales to 50% by 2025, increase this proportion to 100% by 2030, and strive to become a benchmark for zero climate load by 2040. The RISING SALES OF THE RECHARGE models are ultimately just a transitional route in the electrification transition.
In addition, the volvo car group was replenished by listing on the Stockholm Stock Exchange in October last year, and the pace of electrification transformation was further accelerated.
Earlier this month, it announced a partnership with European battery suppliers to invest about 20.8 billion yuan to build a new battery factory.
In terms of regional distribution of sales, China is still Volvo Cars' largest single market in the world, reaching 171,700 units, a slight increase of 3% year-on-year. In 2021, the top 10 single markets by volume are China, the United States, Germany, the United Kingdom, Sweden, France, Japan, the Netherlands, Italy and South Korea.