Volvo Car AB Reports Record-Breaking Financial Performance in 2024

Volvo Car AB (publ.) has unveiled its Annual and Sustainability Report for 2024, showcasing an impressive financial trajectory and a commitment to sustainability, as highlighted on the company's Investors website. This year marks a significant milestone, with Volvo achieving its highest-ever annual retail sales, revenues, and core operating profits in its 98-year history.

A Year of Record Sales

In 2024, Volvo's revenues surpassed an astonishing SEK 400 billion for the first time, a feat attributed to the sale of 763,389 vehicles—an all-time record. The core operating profit for the fiscal year reached SEK 27 billion, reflecting a 6 percent increase compared to 2023, resulting in a core operating margin of 6.8 percent, up from 6.4 percent the previous year.

The report reveals that 175,194 fully electric cars were sold, marking a remarkable 54 percent increase from 2023. These electric vehicles constituted 23 percent of Volvo's total global sales volume, leading the industry among legacy premium car manufacturers. In total, fully electric and plug-in hybrid models made up 46 percent of all Volvo vehicles sold in 2024.

Sustainability Focus

Volvo's Annual and Sustainability Report is notable not only for its financial successes but also for its thorough sustainability initiatives. The company integrates sustainability reporting throughout its annual reports, prepared under the guidelines of the Global Reporting Initiative (GRI). This approach underscores Volvo Car AB's commitment to aligning its financial performance with ecological responsibility.

Strategic Priorities and Future Ambitions

The report provides insight into Volvo’s strategic priorities, focusing on expanding its electric vehicle lineup, improving manufacturing processes, and enhancing customer satisfaction. This forward-looking approach is critical as the automotive industry progresses towards greater reliance on environmentally friendly technologies.

In addition to addressing financial metrics, Volvo’s commitment to sustainability includes a focus on reducing carbon emissions, improving resource efficiency, and promoting ethical supply chain practices. These initiatives are in line with global movements towards corporate sustainability and environmental stewardship.

Conclusion

2024 has proven to be a landmark year for Volvo Car AB, characterized by record-setting performance across various metrics. As the company continues to cultivate a strong presence in the electric vehicle market, with increased sales of hybrid and fully electric cars, its commitment to sustainability remains unshaken. The publication of the Annual and Sustainability Report for 2024 not only reveals Volvo's financial health but also reaffirms its dedication to a sustainable future in the automotive sector. As Volvo strides confidently into 2025, it is poised to navigate the challenges ahead, bolstered by an unwavering commitment to innovation and environmental responsibility.