Volvo Cars sales reach all-time high in 2021

Following the release of the Swedish automotive brand’s 2021 sales report, Volvo Cars shared in a recent press release that the company enjoyed all-time high revenue and profitability last year despite the persistent component supply shortages in the auto industry.

Volvo Cars’ revenue for 2021 amounted to (Swedish kronas) SEK282 billion, up from SEK262.8 billion in 2020. Similarly, Volvo’s operating income in 2021 was around 20.3 billion “Swedish Crowns” compared to its SEK8.5-billion operating income in 2020.

“(Year) 2021 was a year to be proud of for Volvo Cars. Despite persistent component supply shortages in the auto industry, we increased market share globally and delivered all-time high revenue and profitability,” said Volvo Cars CEO Håkan Samuelsson.

And while 2021 overall turned out to be good for Volvo, it suffered nominal loss during last year’s fourth quarter where the brand’s interim report showed that revenue was down by six percent and that sales were down by 20 percent.

Volvo believes that the supply chain is expected to remain a restraining factor even if component shortage has somewhat eased. Nevertheless, Volvo Cars continues to see strong customer demand and expect that electric cars will grow faster than the overall market. This should allow the company to continue growing its sales volume in 2022.

Photos from Volvo

Also read: 

Volvo Cars Thailand to launch fully electric XC40 Recharge

Volvo Cars to invest SEK10 billion to upgrade Torslanda plant

Volvo Cars, Northvolt to establish new battery plant in Sweden