Volvo's operating profit in 2021 was about 13.8 billion yuan, up 138% year-on-year.

Jiwei Network News (Text/Wu Jiaxi) On February 14, Geely Group issued a document saying that Volvo Cars' annual performance hit a record high, with revenue of SEK 282 billion, about 192.7 billion yuan; operating profit of SEK 20.3 billion, about 13.8 billion yuan, a year-on-year increase of 138%; global sales of 698693 in 2021, and sales of electrified series models accounted for 34% in the fourth quarter.

On February 8, Volvo Cars announced that it would invest SEK 10 billion (US$1.1 billion) in its Torslanda manufacturing plant in Gothenburg over the next few years in preparation for the production of all-electric vehicles. As part of the planned investment, Volvo will introduce sustainable new technologies and manufacturing processes at the plant. These include the introduction of oversized casting technology for aluminium body parts, as well as new battery assembly plants and a completely refurbished paint and final assembly shop.

It is worth mentioning that according to Reuters, car manufacturer Volvo and battery maker Northvolt recently said that the two companies will build new battery manufacturing plants in Gothenburg, Sweden. It is reported that the annual battery capacity of the plant will be as high as 50GWh, which can create up to 3,000 jobs and produce batteries developed for the next generation of pure electric Volvo and Polestar cars, and the factory will start operations in 2025.

Volvo says that the company's carbon footprint is a significant proportion of tailpipe emissions. That's why since 2019, Volvo will be equipped with an electric motor for every new model launched. Volvo plans to produce 50% of its annual global sales of electric models by 2025, with the rest coming from hybrid models.

In addition, Volvo plans to build a more complete climate-neutral plant in 2025. Volvo says all of its European plants started using hydroelectric power back in 2008, and now more than 80 percent of the electricity supplied by Volvo's global plants comes from climate-neutral electricity. (Proofreading/Andy)