Volvo Cars Announces First-quarter 2022 Results The Proportion Of Pure EV Sales Hits A Record High

On April 28, 2022, Volvo Cars announced its performance report for the first quarter of 2022. The company's revenue in the first quarter reached 74.3 billion Swedish kronor, higher than the 68.6 billion Swedish kronor in the same period last year, an increase of 8% year-on-year; the first quarter operating profit was 60%. 100 million SEK, with an operating profit margin of 8.1%.

It is worth mentioning that Volvo Cars' Recharge model sales accounted for 34% of the total sales in the first quarter, of which the sales of pure electric models accounted for 8%, a record high, and the electrification transformation achieved remarkable results.

The financial report for the first quarter of 2022 fully demonstrates that Volvo Cars has achieved stable growth in performance in an overall turbulent environment. Volvo Cars' total global sales in the first quarter reached 148,295 vehicles amid the strained global auto supply chain. Supply chain issues are expected to improve in the second half of this year, and sales in 2022 will continue to grow compared to 2021.

In the first quarter of this year, Volvo Recharge model sales accounted for 34% of the total sales, of which pure electric models accounted for as high as 8%, doubling from the previous two quarters. As Volvo Cars increases the annual production capacity of pure electric models to 150,000 units after the summer, the share of pure electric models in total sales will continue to increase, and Volvo's electrification transformation will continue to accelerate in 2022.

At the same time, Volvo Cars is continuing to promote global climate action and striving to reduce carbon emissions per car. In the first quarter, carbon emissions have dropped by 13.4% compared with 2018, which means that the company is far from achieving full carbon emissions per car by 2025. One step closer to the goal of reducing carbon emissions by an average of 40% over the life cycle.

Mr. Jim Rowan, CEO and President of Volvo Cars, said: "We have always had a clear strategic direction and a very clear business focus: to become the fastest-transforming pure electric luxury car company in the industry and closer to consumers. , while reducing carbon emissions has always been our way forward. To achieve our ambitious strategic goals, we will accelerate product development, strengthen the resiliency of our supply chain, and accelerate our digital software development capabilities. 

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