Volvo Cars reported on February 11 that the company's full-year revenue for 2021 was SEK 282 billion, up from SEK 262.8 billion in 2020. Operating profit increased by 138% year-on-year to SEK 20.3 billion from SEK 8.5 billion in the previous year, with a margin of 7.2%, and both revenue and profit for the full year hit record highs.
Volvo Cars reported full-year 2021 earnings, with revenue and earnings at a new brand record
H kan Samuelsson, President and CEO of Volvo Cars Group, said: "2021 is a proud year for Volvo Cars. Despite persistent supply shortages in the automotive industry, we have increased our market share globally and achieved the highest revenue and profit ever. ”
Volvo Cars' electrification products continue to be popular with users, with RECHARGE models accounting for 34% of global sales in the fourth quarter. Among them, plug-in hybrid models accounted for 28% of sales, while pure electric models accounted for 6% of total sales.
Volvo XC40 RECHARGE
Volvo Cars' FOURTH-QUARTER RECHARGE MODELS ACCOUNTED FOR 34% OF GLOBAL SALES
As Volvo Cars increases its annual production capacity of pure electric products to 150,000 units after the summer, the share of pure electric products in total sales will continue to grow, and for the whole year of 2022, the company expects this share to more than double from the full year of 2021.
Volvo Cars' annual production capacity for pure electric products will be increased to 150,000 units after the summer
Looking ahead, there is still strong demand for Volvo Cars products from global users, and the growth rate of pure electric products is expected to exceed the overall market growth rate, helping Volvo Cars to achieve continuous sales growth in 2022.
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