Volvo has announced its full financial results for 2022, the carmaker saw an increase in revenue of 17 percent to 330.1bn SEK.
They also announced a profit margin of 6.8 percent and in quarter four their revenue was up to 105.2bn SEK, from 80.1 bn SEK the year before.
In 2022, the performance of the company’s fully electric cars stood out as a real highlight. Sales of Volvo’s electric cars more than doubled compared with the previous year, resulting in 11 per cent of full-year sales attributed to fully electric cars compared with 4 per cent in 2021.
This includes a strong performance in sales of pure electric cars in the fourth quarter, reaching the highest point ever at 18 per cent compared with 6 per cent in the same period last year. This was despite overall sales being affected by production constraints. As a result of this performance, the company’s market share in the fully electric segment increased significantly during the year compared with the same period last year*.
The performance of the company’s Recharge cars, which includes both fully electric cars and plug-in hybrids, was strong with a share of 33 per cent for the year and 41 per cent during the fourth quarter. Of note was the performance in Brazil, Uruguay, Thailand and Indonesia during the last three months of the year. These markets reached a Recharge sales share of 100 per cent in Q4, closely followed by Norway at 98 per cent, Ireland at 91 per cent and Sweden with 89 per cent.
You can see the full Volvo 2022 financial results over at the company’s website at the link below.
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