• 14.04.2024

TOP AUTO NEWS

Auto news from China

Volvo’s 2023 Financial Report: 21% Increase in Operating Income, 43% Profit Growth, and Global Sales Surge by 15%

Feb 1, 2024

On February 1st, Volvo released its 2023 financial report. Volvo’s operating income for 2023 was 399.3 billion Swedish kronor, a 21% increase.

Volvo's 2023 Financial Report: 21% Increase in Operating Income, 43% Profit Growth, and Global Sales Surge by 15%

In 2023, Volvo’s profit reached 25.6 billion Swedish Krona, marking a 43% increase from the previous year. In the second half of 2023, Volvo’s electric car gross margin quadrupled compared to the end of 2022, with a growth rate of 13%.

Volvo's 2023 Financial Report: 21% Increase in Operating Income, 43% Profit Growth, and Global Sales Surge by 15%

Volvo's 2023 Financial Report: 21% Increase in Operating Income, 43% Profit Growth, and Global Sales Surge by 15%

Volvo Cars announced its global sales data for 2023. Global market sales of new cars in 2023 reached 708,700, a 15% increase compared to the previous year. In December, global market sales of new cars in 2023 reached 76,000, a 5% increase compared to the previous year. In China, a total of 170,000 new cars were sold, a 5% increase, with sales of new energy vehicles increasing by 26%. In terms of specific models, global sales of the Volvo XC60 in 2023 reached 228,600, a 17.05% increase compared to the previous year; Volvo XC40 reached 200,600, an 18.59% increase; Volvo XC90 reached 107,500, a 10.73% increase.