Volvo posts record revenue and profitability for 2021

Volvo has seen record revenue and profitability in 2021 with demand for its vehicles remaining strong throughout the year ‘despite persistent component supply shortages in the auto industry’.

In total, Volvo recorded revenues of SEK 282bn (£22.35bn) in 2021, a significant increase on the 262.8bn (£20.84bn) that it posted in 2020. Its operating margin for the period was 7.2 per cent, too.

Håkan Samuelsson, chief executive Volvo Cars, said: “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.”

In total, Volvo sold 698,693 cars in 2021 – an increase of 5.6 per cent on 2020’s figure.

The XC60 took the title as Volvo’s most popular model during 2021, though the firm’s trio of SUVs accounted for nearly three-quarters of its total sales. Last year Volvo sold 215,635 XC60 cars, followed by the XC40 and seven-seater XC90 with sales of 201,037 and 108,231 respectively.

Volvo’s saloon line-up saw a 15 per cent decline, however, though the S60 and S90 still accounted for just under 100,000 units. Sales of their estate equivalents, the V60 and V90, totalled 76,600.

Samuelsson added: “We have placed Volvo Cars firmly on the map as a brand that is leading mobility into the future in a safe, sustainable and personal way, showing it is possible to be both profitable and more sustainable.”