Total sales rose by 7.3 percent to 282 billion Swedish crowns (26.82 billion euros) compared to the previous year, the company, which belongs to the Chinese Geely group, announced on Friday in Gothenburg. That’s more than ever before, it said. In the final quarter, the proceeds had fallen by six percent to 80.1 billion crowns.
Volvo sold significantly fewer cars than in the same period last year. Because of the shortage of chips and semiconductors, the group – like other manufacturers – concentrated on building the already scarce resources into more lucrative models with higher margins. The prices also went up. This paid off in the operating result. Volvo Car earned 20.3 billion crowns for the year as a whole after 8.5 billion in 2020, which was particularly plagued by Corona.
Volvo Cars does not dare to make a forecast for the current year: The situation surrounding the shortage of material for electrical components is too uncertain, even if it has eased a bit. However, due to the high level of customer demand, the Management Board expects its electric vehicle business to grow faster than the market. Management expects the proportion to more than double in 2022.
On the stock exchange in Stockholm, shares in Volvo Cars fell temporarily by 4.8 percent to 70.1 Swedish crowns on Friday.
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