Volvo saw record-breaking sales and profits in 2023
03 Feb 2024|253 views
Volvo Cars has announced that it saw record-breaking retail sales, revenues, and operating profit in 2023.
The firm saw a new all-time sales record of 708,716 cars sold in the year, which enabled its revenue to rise by 21%, to SEK 399.3 billion ($50.8 billion). The firm also saw its underlying operating profit reach SEK 25.6 billion ($3.3 billion), representing a 43% increase compared to 2022.
Volvo states that this 2023 result demonstrates its ability maintain a premium pricing throughout the year as well as a solid demand for its cars despite the ongoing market turbulence.
It additionally attributes this performance to the strength of its electrified product portfolio. Volvo sold a total of 113,419 all-electric cars in 2023, representing 16% of its total global sales volume and a 70% increase against 2022. This figure is said to be one of the highest among the legacy premium carmakers. The firm also states that its gross profit margins on electric cars increased four fold compared to the end of 2022 as prices for lithium dipped in the second half of 2023.
Volvo Cars has announced that it saw record-breaking retail sales, revenues, and operating profit in 2023.
The firm saw a new all-time sales record of 708,716 cars sold in the year, which enabled its revenue to rise by 21%, to SEK 399.3 billion ($50.8 billion). The firm also saw its underlying operating profit reach SEK 25.6 billion ($3.3 billion), representing a 43% increase compared to 2022.
Volvo states that this 2023 result demonstrates its ability maintain a premium pricing throughout the year as well as a solid demand for its cars despite the ongoing market turbulence.
It additionally attributes this performance to the strength of its electrified product portfolio. Volvo sold a total of 113,419 all-electric cars in 2023, representing 16% of its total global sales volume and a 70% increase against 2022. This figure is said to be one of the highest among the legacy premium carmakers. The firm also states that its gross profit margins on electric cars increased four fold compared to the end of 2022 as prices for lithium dipped in the second half of 2023.
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