(SeaPRwire) – GOTHENBURG, Sweden, Feb. 1, 2024 —
Full Year 2023
- 2023 revenue was SEK 399.3 bn (SEK 330.1 bn in 2022)
- 2023 operating income (excl. JVs and associates) was SEK 25.6 bn (SEK 17.9 bn in 2022)
- 2023 operating income was SEK 19.9 bn (SEK 22.3 bn in 2022)
- 2023 EBIT margin (excl. JVs and associates) was 6.4 per cent (5.4 per cent in 2022)
- 2023 EBIT margin was 5.0 per cent (6.8 per cent in 2022)
- 2023 basic earnings per share was SEK 4.38 (SEK 5.23 in 2022)
- 2023 fully electric car sales share at 16 per cent (11 per cent in 2022)
Quarter 4, 2023
- Q4 revenue was 109.4 bn SEK (105.2 bn SEK in Q4 2022)
- Q4 operating income (excl. JVs and associates) was SEK 6.7 bn (SEK 3.9 bn in 2022)
- Q4 operating income was 5.4 bn SEK (3.4 bn SEK in Q4 2022)
- Q4 EBIT margin (excl. JVs and associates) was 6.1 per cent (3.7 per cent in Q4 2022)
- Q4 EBIT margin was 4.9 per cent (3.3 per cent in Q4 2022)
- Q4 Basic earnings per share was 1.04 SEK (0.82 SEK in Q4 2022)
- Q4 fully electric car sales share at 16 per cent (18 per cent in Q4 2022)
Events after the period
- Polestar is entering an exciting phase with a strengthened business plan and positioned for future growth.
- Volvo Cars’ focus is on developing and concentrating its resources on its own ambitious journey.
- Volvo Cars is evaluating a potential adjustment to its shareholding in Polestar which may result in Geely Sweden Holdings becoming a significant new shareholder.
- Geely will continue to provide full operational and financial support to Polestar going forward.
- As a result Volvo Cars will no longer provide further funding to Polestar. Volvo Cars will, however, extend the repayment period for the existing convertible loan by 18 months to the end of 2028.
- Volvo Cars’ and Polestar’s strong operational collaboration across R&D, manufacturing, after sales and commercial continues to the benefit of both companies.
Volvo Cars had a record-breaking year in 2023 and today reports the highest full-year retail sales, revenues and operating profit in its 97-year history.
A new all-time sales record of 708,716 cars enabled revenues to rise by 21 per cent to SEK 399.3 billion for the full year 2023. The underlying operating profit of SEK 25.6 billion, excluding joint ventures and associates, represents an increase of 43 per cent compared to 2022. The operating margin excluding JVs and associates came in at 6.4 per cent, up from 5.4 per cent in 2022.
“2023 was a key milestone in our transformation journey,” said Jim Rowan, chief executive. “We delivered a record-breaking year on many levels, reporting the highest retail sales, revenues and profits in our company’s 97-year history. We also took several significant steps forward in our ongoing transformation, while navigating a complex external environment. In doing so, we’ve built a solid foundation for 2024 and the years ahead.”
The full CEO letter by Jim Rowan, with more details on the past year and the years ahead, is included in the interim report for the period and can be found .
The 2023 results demonstrate Volvo Cars’ ability to maintain premium pricing throughout the year, as well as solid demand for its cars and a robust orderbook, despite ongoing market turbulence.
The performance also demonstrates the strength of the company’s electrified product portfolio, which contains both electric cars as well as an extensive range of plug-in and mild hybrid models. These hybrid models represented a significant majority of the company’s total global sales in 2023 and will remain a key element of its portfolio for the coming years.
The company sold 113,419 fully electric cars in 2023, an increase of 70 per cent versus 2022 and representing 16 per cent of its total global sales volume, which was one of the highest among all legacy premium carmakers. Compared to 2022, Volvo Cars increased its global electric market share by 34 per cent.
Its electric sales share is still based on only two fully electric models and does not yet reflect the full potential of the new EX30 small SUV, EX90 large SUV or EM90 MPV, all of which will hit the roads in earnest during 2024.
During the second half of 2023, Volvo Cars also saw gross profit margins on its electric cars increase fourfold versus the end of 2022 to 13 per cent. High lithium prices heavily affected its margins in 2022, but the company saw a clear uptick in the underlying profitability of these cars from the second half of 2023 as lower lithium prices and the effects of increased pricing materialised. The company also benefited from efficiencies from its own investments.
While there is still a gap in gross margins on the EVs compared to some of its combustion engine (ICE) cars, this gap is closing. The EX30 is set to deliver gross margins of 15-20 per cent and takes the company closer to that goal. Volvo Cars also expects the upcoming EX90 and EM90 to contribute to closing the gap between EV and ICE margins.
Looking ahead to 2024
2024 ay mahalagang taon para sa Volvo Cars habang patuloy itong papalawakin ang kanyang produkto at akselerasyon sa kanyang transformasyon upang maging isang buong elektrikong tagagawa ng sasakyan sa 2030.
Sa huli ng ika-apat na quarter ng 2023, ang unang mga customer ay nakatanggap ng bagong EX30 maliit na SUV. Ngayong taon, nakatutok ang Volvo Cars sa mabilis na pag-rampo ng produksyon ng sasakyan at pagsasakatuparan ng malakas na pangangailangan ng mga customer, na lumampas sa inaasahan. Nagtatrabaho rin nang matiyaga ang kompanya upang idagdag ang produksyon ng EX30 sa kanilang planta sa Belgium.
Sa unang bahagi ng 2024, magsisimula ang kompanya ng produksyon ng kanilang bagong flagship na SUV na EX90, na may paghahatid ng mga unang customer pagkatapos ng kaunti. Kinakatawan ng EX90 ang isang malaking teknolohikal na pag-unlad sa pamamagitan ng pagpapakilala ng susunod na henerasyon ng buong elektrikong platform kung saan ito nakabatay.
Bilang isa sa unang mga sasakyan na puno ng pangunahing pagko-kompyuter, kinakatawan ng software-defined na EX90 isang malaking paradigm shift para sa Volvo Cars. Ito ay isang sasakyan na nagdadala ng susunod na henerasyon ng kaligtasan, konektibidad, data at software lahat nang sabay sa isang produkto, at muling nagpapatunay ng posisyon ng kompanya bilang isang lider sa industriya sa patuloy na paglipat sa teknolohiya.
Ang buong elektrikong EM90 MPV, na ipinakilala ng Volvo Cars sa China noong Nobyembre, nagsimula na rin ng produksyon. Gaya ng EX90, mahalaga ang EM90 para sa China at nagpapakita kung gaano kaseryoso ang kompanya sa pagtatagumpay doon at pagkuha ng market share.
Magkakasama, ang tatlong bagong buong elektrikong sasakyan na ito ay malaking papalawakin ang alok produkto ng Volvo Cars sa buong mundo at kitaan ito ng bagong demograpiko at segmento ng merkado na hindi ito aktibo dati.
Bukod pa rito, papaganda ng Volvo Cars ang kanyang mga plug-in hybrid na sasakyan, na mahalaga ring tulay patungo sa buong elektrikasyon. Kasama ng kanyang buong elektrikong sasakyan, lumilikha ito ng malawak at atraktibong portfolyo ng Volvo Cars para sa global na pamilihan ngayon.
Ang artikulo ay ibinigay ng third-party content provider. Walang garantiya o representasyon na ibinigay ng SeaPRwire (https://www.seaprwire.com/) kaugnay nito.
Mga Sektor: Pangunahing Isturya, Balita Araw-araw
Nagde-deliver ang SeaPRwire ng sirkulasyon ng pahayag sa presyo sa real-time para sa mga korporasyon at institusyon, na umabot sa higit sa 6,500 media stores, 86,000 editors at mamamahayag, at 3.5 milyong propesyunal na desktop sa 90 bansa. Sinusuportahan ng SeaPRwire ang pagpapamahagi ng pahayag sa presyo sa Ingles, Korean, Hapon, Arabic, Pinasimpleng Intsik, Tradisyunal na Intsik, Vietnamese, Thai, Indones, Malay, Aleman, Ruso, Pranses, Kastila, Portuges at iba pang mga wika.
Inaasahan ng Volvo Cars na ito ay papalo ng paglago mula 2024 at malaking dadamiin ang kanyang bahagi ng buong elektrikong sasakyan kumpara sa 2023. Bukod pa rito, ang mga bagong elec