Category Archives: VolvoCars

VolvoCars

Volvo Cars companions with and invests in Breathe for next-generation quick charging

Volvo Cars has partnered up with Breathe Battery Technologies (Breathe), turning into the primary automobile firm to get entry to the newest model of its patented, algorithm-enabled charging software program to be used on our new-generation totally electrical vehicles.

By integrating Breathe’s software program in Volvo Cars in-house-developed battery administration platform to optimise and enhance the efficiency of our charging know-how, we are able to present Volvo clients with even sooner charging occasions and an enhanced general driving and charging expertise.

We will implement the brand new know-how in our new-generation totally electrical vehicles, the place we anticipate it is going to scale back the time it takes to cost your totally electrical Volvo from 10 to 80 per cent charging state by as a lot as 30 per cent*, whereas sustaining the identical vitality density and vary. Even higher: the charging time enhancements will final throughout the total battery life cycle with out impacting its well being standing.

The collaboration with Breathe is the results of a sourcing settlement for its flagship product, Breathe Charge, and represents the newest funding by the Volvo Cars Tech Fund, our company enterprise capital arm. It displays our ambition to steer the event of premium electrical vehicles and change into a totally electrical automobile maker by 2030.

Sharing our ardour for electrical mobility and pleasant driver experiences, Breathe is a London-based start-up that develops battery administration software program with the intention of contributing to sooner, higher and extra sustainable electrification.


“The investment and commercial partnership with Breathe helps us address a familiar pain point for electric car customers and makes our charging performance even more competitive,” says Ann-Sofie Ekberg, CEO of the Volvo Cars Tech Fund. “Faster charging times, in the range where customers typically fast charge, represent a major step in the right direction as we continue to boost electric mobility and make it available to more people.”


Software-defined batteries
Unlike conventional stepped charging, which depends on pre-determined guidelines, Breathe’s software program makes use of adaptive charging to dynamically management the battery in actual time, leading to considerably shorter charging occasions.

Using algorithms, the software program manages the charging course of in keeping with the battery’s well being to ship the perfect driver expertise whereas avoiding the danger of lithium plating, which may hurt the battery’s efficiency and lifespan.

Our funding in Breathe helps place us for an all-electric future, but it surely additionally suits with our ambitions of reaching web zero greenhouse fuel emissions and turning into a round enterprise by 2040. While lowering charging occasions for our vehicles, the know-how achieves this with out the necessity to change battery pack design or mine additional supplies, with out extra environmental impacts.

Also, since it’s totally suitable with the {hardware} utilized in our new-generation totally electrical vehicles, scaling will likely be straightforward as a result of we anticipate our electrical gross sales to extend considerably within the coming years.


“We’re very pleased with this investment and sourcing agreement with Volvo Cars, and support their exciting journey towards full electrification,” says Dr Ian Campbell, CEO of Breathe Battery Technologies. “Deploying our technology at scale on Volvo’s next-generation EV platform opens doors to innovative car designs and performance improvements. We share a profound passion for electric mobility, and convenient, fast charging is one of the cornerstone enablers for the future we strive towards.”


The Volvo Cars Tech Fund was established in 2018 to put money into firms and know-how areas that remodel the automotive trade, akin to electrification, AI, autonomous driving, sustainability and digital commerce. The Tech Fund makes strategic investments to assist start-ups thrive and collectively speed up the transformation of the worldwide mobility trade.

*Different battery packs will end in various charging occasions. Testing indicated cost time enhancements starting from 15-30%.

 

VolvoCars

Robert Deane appointed new Commercial Operations Director at Volvo Car UK

•    Robert Deane joins Volvo Car UK as Commercial Operations Director

•    Deane’s intensive automotive sector expertise will help the corporate’s direct-to-consumer (D2C) gross sales technique, strengthening its shopper and retailer relationships

Volvo Car UK is happy to announce the appointment of Robert Deane as its new Commercial Operations Director.

Deane joins the corporate with intensive expertise in senior positions within the automotive sector. Most just lately he was Commercial Director – International Markets on the electrical bike firm LiveWire and Director of Sales Planning and Network Development for the EMEA areas at Harley-Davidson. His expertise additionally covers time throughout Jaguar Land Rover, Volkswagen Group UK and PSA Peugeot Citroën, based mostly each within the UK and in China.

He took up his new function on 4 March, succeeding Nicole Melillo Shaw, who was appointed Managing Director of Volvo Car UK in November 2023.

Speaking about his new function, Deane stated: “We are in a fast-changing business landscape where we need to be able to do more than simply offer great products and meet consumer expectations. As well as making the consumer experience as smooth, straightforward and reassuring as possible, we have to strengthen and maintain mutually rewarding relationships with retailers as we develop our D2C sales strategy – this is something I am very passionate about. I’m delighted to be joining at this exciting time and am looking forward to this new chapter with Volvo.”

Welcoming Deane to the corporate, Nicole Melillo Shaw stated: “I am delighted with Robert’s appointment. His experience in leading the transition to a direct-to-consumer model, coupled with his longevity within the automotive sector, will help us to enhance our consumer journey and retailer relationships. These will ultimately drive further growth for our brand.”

VolvoCars

Volvo Cars studies gross sales of fifty,315 vehicles in February and highest-ever share of electrified fashions

Volvo Cars studies gross sales of fifty,315 vehicles in February, a decline of two per cent in comparison with the identical month final yr. The principal cause for the decline is the timing of the Lunar New Year in China.

In February, Volvo Cars achieved its highest-ever share of electrified fashions – each in totally electrical in addition to in plug-in hybrids and totally electrical mixed. This was primarily pushed by the ramp-up of the corporate’s new totally electrical small SUV, the EX30. Fully electrical vehicles constituted 22 per cent of all vehicles offered globally through the month, whereas the mixed gross sales of totally electrical vehicles and plug-in hybrids accounted for 44 per cent.

Sales in Europe remained robust and grew 26 per cent in comparison with February 2023, reaching 26, 773 vehicles. Sales of vehicles with a totally electrical or plug-in hybrid powertrain elevated with 18 per cent, whereas gross sales of totally electrical vehicles elevated by 31 per cent, in comparison with February final yr.

In China, gross sales reached 7,911 vehicles, a lower of 39 per cent in comparison with February 2023. The cause for the decline was as a result of timing of the Lunar New Year, which primarily befell through the month of February.

Our gross sales within the US reached 7,920 vehicles, a lower of seven per cent in comparison with final yr. Sales of vehicles with a totally electrical or plug-in hybrid powertrain grew by 6 per cent in comparison with February 2023, and accounted for 32 per cent of all vehicles offered within the US.

In December 2023, Volvo Cars launched its newest addition to the totally electrical household, the EX30. During the primary two months of 2024, a complete of 5,863 vehicles have been offered. Deliveries to clients have began in Europe, Japan and Brazil with extra markets following the approaching weeks.

For February, the Volvo XC60 remained the top-selling mannequin with gross sales reaching 16,026 vehicles (2023: 16,103 vehicles), adopted by the XC40 with whole gross sales of 13,193 vehicles (2023: 15,435 vehicles), and XC90 at 7,299 vehicles (2023: 7,120 vehicles).

             
 

February

February

Jan-Feb

Jan-Feb

  
 

2024

2023

Change

2024

2023

Change
             

Europe

26,773

21,278

26%

49,914

42,714

17%

Electrified fashions

16,133

13,698

18%

29,963

26,518

13%

 – Fully electrical

8,799

6,715

31%

16,270

12,052

35%

 – Plug-in hybrid

7,334

6,983

5%

13,693

14,466

-5%
             

China

7,911

13,066

-39%

23,953

24,849

-4%

Electrified fashions

415

1,130

-63%

1,404

2,388

-41%

 – Fully electrical

137

172

-20%

298

491

-39%

 – Plug-in hybrid

278

958

-71%

1,106

1,897

-42%
             

US

7,920

8,560

-7%

15,636

16,253

-4%

Electrified fashions

2,571

2,436

6%

4,446

4,806

-7%

 – Fully electrical

359

973

-63%

619

1,744

-65%

 – Plug-in hybrid

2,212

1,463

51%

3,827

3,062

25%
             

Other

7,711

8,382

-8%

14,214

15,990

-11%

Electrified fashions

3,147

3,414

-8%

5,624

6,708

-16%

 – Fully electrical

1,629

1,714

-5%

2,963

3,161

-6%

 – Plug-in hybrid

1,518

1,700

-11%

2,661

3,547

-25%
             

Total

50,315

51,286

-2%

103,717

99,806

4%

Electrified fashions

22,266

20,678

8%

41,437

40,420

3%

 – Fully electrical

10,924

9,574

14%

20,150

17,448

15%

 – Plug-in hybrid

11,342

11,104

2%

21,287

22,972

-7%

 

VolvoCars

Volvo Cars’ industry-first linked security know-how can now alert drivers of accidents forward

You’re driving down a winding nation highway. It’s unimaginable to see past the highway in entrance of you. Suddenly, your Volvo automobile alerts you: there’s been an accident forward. As you calmly decelerate and are available across the subsequent curve, you see a crashed automobile in your lane. Thanks to the warning, you had been ready and will react proactively.

With our new Accident Ahead Alert, we introduce one other pioneering linked security characteristic in Volvo automobiles: for the primary time, automobiles can alert drivers of accidents forward straight utilizing real-time knowledge from a visitors administration centre. It can be accessible in appropriate Volvo automobiles in Europe, beginning in Denmark.

With the purpose to assist drivers keep away from collisions and visitors congestion attributable to an accident forward, the characteristic is designed to immediately alert the driving force a couple of visitors accident up to a couple hundred metres forward. The location knowledge is offered by nationwide highway authorities and appropriate automobiles, beginning with different Volvo automobiles.

“Using our groundbreaking connected safety technology, our Accident Ahead Alert can help Volvo drivers avoid unpleasant surprises, while contributing to making roads safer for all,” says Åsa Haglund, Head of the Volvo Cars Safety Centre. “Thanks to our collaboration with the Danish Road Directorate and other partners in the Data for Road Safety ecosystem, we can introduce this new feature and continue our leadership in safety innovations.”

Volvo Cars’ industry-first linked security know-how, which was launched in 2016, makes use of Volvo Cars’ cloud, primarily based on real-time knowledge. It permits Volvo automobiles to speak with one another and alert drivers of close by slippery highway circumstances and hazards. In the identical approach, drivers can now be alerted to accidents forward whatever the time of the day.

Looking forward, we’re planning to combine extra visitors knowledge shared by different companions within the European Data for Road Safety ecosystem, together with nationwide visitors administration centres in different nations and automobiles from different manufacturers.

To make roads safer for all, we name for extra highway authorities to share nameless visitors accident knowledge and encourage different automobile makers to hitch us in providing comparable applied sciences. Needless to say, Volvo Cars has been dedicated to sharing linked security knowledge for others to combine into security options and can proceed doing so.

“We’re happy that Volvo Cars, as the first car maker to do so, has started using our new real-time traffic event data feed,” says Stine Bendsen, Head of the Danish Traffic Management Centre on the Danish Road Directorate. “A quick alert about an accident ahead gives the driver more time to slow down and increase the distance to the car in front. This helps to lower the risk of follow-up collisions and protect the people working to clear the road.”

For Volvo automobile house owners, it’s straightforward to contribute to highway security by choosing knowledge sharing: merely activate it utilizing the ‘connected safety’ choice in your automobile’s centre show. The automobile will then be capable of alert the driving force of an accident forward through the use of the hazard gentle alert within the dashboard and, if accessible, the head-up show. Rest assured that solely the important data can be shared with different automobiles and the info can be anonymised to make sure your privateness.

The small print

The Accident Ahead Alert characteristic is at the moment accessible in Denmark on all 90, 60 and 40 collection Volvo automobile fashions, from mannequin 12 months 2016 and onwards. It can be made accessible on the identical automobile fashions in additional European markets quickly.

VolvoCars

Volvo Cars introduces upgrades to completely electrical and hybrid vehicles, and streamlines mannequin names to help buyer transparency

Volvo Cars is streamlining and standardising its mannequin names for totally electrical vehicles, consistent with our ongoing transformation in the direction of turning into a completely electrical automotive maker by 2030.

The totally electrical XC40 Recharge and C40 Recharge fashions are renamed to EX40 and EC40 respectively, now seamlessly becoming in with our different totally electrical fashions: the EX30, EX90 and EM90. The XC40 title stays for inside combustion-powered variants of the mannequin.

The transfer displays our transformation in the direction of turning into a completely electrical automotive producer. In 2023, totally electrical vehicles represented 16 per cent of our international gross sales volumes, a rise of 70 per cent versus 2022. The EX30, EX90 and EM90 will all hit the street this yr and produce the variety of totally electrical fashions in our product portfolio to 5, with a number of extra new fashions to come back.

The replace additionally contains the removing of Recharge badging from our plug-in hybrid fashions, which are actually denoted just by the T6 or T8 suffix indicating completely different ranges of energy output.

The new and streamlined mannequin title customary makes it even simpler for present and new clients to know which of our fashions are totally electrical and that are hybrids, as they store for a brand new Volvo automotive.

“By aligning our trailblazing first electric models with the rest of our electric car portfolio, we simplify choice for consumers as we continue to electrify our line-up and refresh our hybrids,” says Björn Annwall, our Chief Commercial Officer and Deputy CEO.

We are additionally introducing a brand new Performance software program pack for our EX40 and EC40 Twin Motor variants, and as an improve for the earlier mannequin yr in chosen markets. The Performance software program pack, which will increase energy output by 25kW for quicker acceleration, additionally contains distinctive pedal mapping for faster accelerator response and a novel ‘Performance’ drive mode to unlock the total 325kW.

In accessible markets, the Performance software program might be provided as an elective improve pack through the Volvo Cars app when ordering a brand new automotive, whereas drivers of earlier model-year 2024 C40 and totally electrical XC40 Recharge vehicles should buy and obtain the software program from the consolation of their couch.

We’re additionally investing in enhancements to our hybrid merchandise. B5 mild-hybrid petrol variants of the XC60 and XC90 now make use of a extra environment friendly engine combustion cycle, anticipated to end in CO2 emission reductions and gasoline economic system enhancements of as much as round 4 per cent for the XC60 and round two per cent for the XC90 based mostly on the WLTP cycle*.

Finally, we’re introducing a particular Black Edition of the EX40, EC40 and the XC40 fashions, following the success of our XC60 Black Edition launched final yr. The Black Edition fashions include Onyx Black paint, high-gloss black badging, 20-inch five-spoke alloy wheels in high-gloss black, and the selection between microtech or textile charcoal interiors.

The EC40, EX40 and XC40 are as compelling as ever, with Google built-in and good inside storage – and within the case of the electrical duo, electrical vary of as much as 583 kilometres for the EC40 and as much as 576 kilometres for the EX40**.

The UK-specific product providing might be confirmed at a later date.

First buyer deliveries are anticipated in late Q2 2024.

The small print

  • *CO2 and gasoline economic system based on the real looking WLTP driving cycle beneath managed situations for a brand new automotive. Real-world gasoline economic system might range. Figures are based mostly on preliminary goal. Final car certification pending.
  • **Range based on the real looking WLTP driving cycle beneath managed situations for a brand new automotive. Real-world vary might range.
  • Vehicle specs and the precise buyer provide might range from one nation to a different. Please go to volvocars.com for additional data.
  • Google, Google Play and Google Maps are emblems of Google LLC.
VolvoCars

Volvo Cars in collaboration to ascertain a mobility innovation centre for rising applied sciences

The upcoming Mobility Innovation Destination Torslanda is a tailor-made take a look at mattress of automotive growth close to the center of our operations in Gothenburg, Sweden. This initiative continues our electrification journey and development of our subsequent technology of premium electrical automobiles, and is a recommitment to our hometown of almost one hundred years. 

The innovation centre will enable us to take a look at rising applied sciences in an surroundings designed to emulate the longer term society that we envision our automobiles to be a part of. So somewhat than growing applied sciences like wi-fi automotive charging, vehicle-to-grid bi-directional charging and self-driving capabilities solely in labs and growth centres, we can even have the ability to take a look at, validate and deploy our improvements in a city-like surroundings.

Alongside new buildings and amenities for testing, engineering and supplies, we plan to increase the Volvo Cars’ campus in Torslanda, Gothenburg, to deal with start-ups and enterprise companions.

 

“With this initiative we aim to create an ecosystem where we can develop the future of mobility – including cars, the technology inside of them and the infrastructure around them, all hand in hand,” says Jim Rowan, chief government of Volvo Cars. “Our ambition is to pioneer technology, attract global talent and connect with other cutting-edge businesses.” 
 

The subsequent step in creating the brand new Mobility Innovation Destination Torslanda is to assemble buildings to deal with trendy places of work simply throughout the street from our current campus. Construction will proceed with a cheap collaboration between Volvo Cars and actual property builders Vectura Fastigheter and Next Step Group.

The additions can even be essential to fulfil our ongoing strategic ambitions to be totally electrical by 2030 and an business chief in new expertise and sustainable mobility.  
 
The venture’s sustainability targets are formidable. The first new building of 25,000 sq. meters will likely be devoted for Volvo Cars’ sole use and is a wooden hybrid, which reduces the carbon footprint by 15 % in comparison with a standard body of metal and concrete. The building is deliberate to begin within the second quarter of 2024 and the primary constructing is predicted to be completed by 2026, in time for Volvo Cars’ one-hundred-year anniversary in 2027.

Current plans additionally contain our campus to be included in an enlargement of the Gothenburg Green City Zone initiative. This zone covers the world the place the town of Gothenburg along with Volvo Cars and additional companies, researchers and others can take a look at new technology for each autos and infrastructure with the purpose of attaining emission-free transport by 2030. 
 
With this initiative, we purpose to boost our connection to different mobility innovation nodes across the metropolis and add much more engineering capabilities to our Gothenburg campus. 
Together with a not too long ago opened software program take a look at centre, the world has a powerful engineering presence together with a producing plant, design centre and take a look at and growth amenities together with a pilot plant, battery lab, wind tunnels, security centre with crash take a look at labs. A brand new battery plant by Novo, our three way partnership with Northvolt, can also be beneath building. In 2022, Volvo Cars additionally announced that we are going to make investments SEK 10bn in our Torslanda plant for next-generation totally electrical automotive manufacturing, together with the introduction of mega casting of aluminium physique elements, a brand new battery meeting plant and totally refurbished paint and last meeting outlets.

 
Part of a bigger ecosystem 

Mobility Innovation Destination Torslanda will be a part of the rising checklist of our bodily places world wide, together with our not too long ago opened software program testing centre in Gothenburg and a number of Tech Hubs.

We function Tech Hubs in Sweden (Stockholm and Lund), Poland (Krakow), India (Bangalore) and Singapore. We even have engineering centres in Gothenburg, Sweden and in Shanghai, China. While every of those places has its personal focus, collectively they signify a vital community of strategically situated innovation centres.

For extra data, please go to: https://www.innovationdestinationtorslanda.com

——————————-

Volvo Cars in 2023 

For the complete 12 months 2023, Volvo Car Group recorded a record-breaking core working revenue of SEK 25.6 billion. Revenue in 2023 amounted to an all-time excessive of SEK 399.3 billion, whereas world gross sales reached a file 708,716 automobiles.

VolvoCars

Volvo Cars experiences 10 per cent gross sales progress in January

Volvo Cars begins the 12 months on a strong word as the corporate experiences its seventeenth month of consecutive progress. Global gross sales in January reached 53,402 automobiles, a rise of 10 per cent in contrast with the identical month final 12 months.

Sales of Volvo Cars’ Recharge fashions, with a totally electrical or plug-in hybrid powertrain, reached 19,171 automobiles for the month of January. Recharge automobiles accounted for 36 per cent of all automobiles bought globally, whereas the share of absolutely electrical automobiles was 17 per cent.

Sales in Europe grew 8 per cent in contrast with January 2023, reaching 23,141 bought automobiles. Volvo Cars’ Recharge line-up accounted for 60 per cent of all automobiles bought within the area in the course of the month. The share of absolutely electrical automobiles reached 32 per cent.

In China, gross sales reached 16,042 automobiles, a rise of 36 per cent in contrast with the identical interval final 12 months. Sales of Recharge automobiles resulted in 989 automobiles, a lower of 21 per cent in comparison with the identical interval final 12 months.

Sales within the US reached 7,716 automobiles, with Recharge automobiles accounting for twenty-four per cent of all automobiles bought in the course of the interval.

For January, the Volvo XC60 was the top-selling mannequin with gross sales reaching 18,011 automobiles (2023: 16,016 automobiles), adopted by the XC40 with whole gross sales of 12,628 automobiles (2023: 14,038 automobiles), and XC90 at 8,167 automobiles (2023: 7,438 automobiles).

 

       

 
 

January

January

 
 

2024

2023

Change

 
       

 

Europe

23,141

21,436

8%

 

Recharge

13,830

12,820

8%

 

 – Fully electrical

7,471

5,337

40%

 

 – Plug-in hybrid

6,359

7,483

-15%

 
       

 

China

16,042

11,783

36%

 

Recharge

989

1,258

-21%

 

 – Fully electrical

161

319

-50%

 

 – Plug-in hybrid

828

939

-12%

 
       

 

US

7,716

7,693

0%

 

Recharge

1,875

2,370

-21%

 

 – Fully electrical

260

771

-66%

 

 – Plug-in hybrid

1,615

1,599

1%

 
       

 

Other

6,503

7,608

-15%

 

Recharge

2,477

3,294

-25%

 

 – Fully electrical

1,334

1,447

-8%

 

 – Plug-in hybrid

1,143

1,847

-38%

 
       

 

Total

53,402

48,520

10%

 

Recharge

19,171

19,742

-3%

 

 – Fully electrical

9,226

7,874

17%

 

 – Plug-in hybrid

9,945

11,868

-16%

 
               

 

VolvoCars

Volvo Cars 2023 revenue will increase by 43 per cent to ship a document 12 months within the firm’s 97-year historical past

Full 12 months 2023 

  • 2023 income was SEK 399.3 bn (SEK 330.1 bn in 2022)
  • 2023 working revenue (excl. JVs and associates) was SEK 25.6 bn (SEK 17.9 bn in 2022)
  • 2023 working revenue 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 primary earnings per share was SEK 4.38 (SEK 5.23 in 2022)
  • 2023 absolutely electrical automobile gross sales share at 16 per cent (11 per cent in 2022)

Quarter 4, 2023

  • This fall income was 109.4 bn SEK (105.2 bn SEK in This fall 2022)
  • This fall working revenue (excl. JVs and associates) was SEK 6.7 bn (SEK 3.9 bn in 2022)
  • This fall working revenue was 5.4 bn SEK (3.4 bn SEK in This fall 2022)
  • This fall EBIT margin (excl. JVs and associates) was 6.1 per cent (3.7 per cent in This fall 2022)
  • This fall EBIT margin was 4.9 per cent (3.3 per cent in This fall 2022)
  • This fall primary earnings per share was 1.04 SEK (0.82 SEK in This fall 2022)
  • This fall absolutely electrical automobile gross sales share at 16 per cent (18 per cent in This fall 2022)

Events after the interval

  • Polestar is coming into an thrilling section with a strengthened marketing strategy and positioned for future progress.
  • Volvo Cars’ focus is on growing and concentrating its sources by itself formidable journey.
  • Volvo Cars is evaluating a possible adjustment to its shareholding in Polestar, which can end in Geely Sweden Holdings changing into a big new shareholder.
  • Geely will proceed to offer full operational and monetary assist to Polestar going ahead.
  • As a outcome, Volvo Cars will not present additional funding to Polestar. Volvo Cars will, nevertheless, lengthen the reimbursement interval for the present convertible mortgage by 18 months to the tip of 2028.
  • Volvo Cars’ and Polestar’s robust operational collaboration throughout R&D, manufacturing, aftersales and business continues to the good thing about each corporations.

 

Volvo Cars had a record-breaking 12 months in 2023 and right now studies the very best full-year retail gross sales, revenues and working revenue in its 97-year historical past.

A brand new all-time gross sales document of 708,716 automobiles enabled revenues to rise by 21 per cent to SEK 399.3 billion for the total 12 months 2023. The underlying working revenue of SEK 25.6 billion, excluding joint ventures and associates, represents a rise of 43 per cent in contrast with 2022. The working margin excluding JVs and associates got here in at 6.4 per cent, up from 5.4 per cent in 2022.

“2023 was a key milestone in our transformation journey,” mentioned Jim Rowan, Chief Executive of Volvo Cars. “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 extra particulars on the previous 12 months and the years forward, is included within the interim report for the interval and will be found here.

The 2023 outcomes exhibit Volvo Cars’ capacity to keep up premium pricing all year long, in addition to strong demand for its automobiles and a sturdy orderbook, regardless of ongoing market turbulence.

The efficiency additionally demonstrates the power of the corporate’s electrified product portfolio, which accommodates each electrical automobiles in addition to an in depth vary of plug-in and mild-hybrid fashions. These hybrid fashions represented a big majority of the corporate’s complete international gross sales in 2023 and can stay a key factor of its portfolio for the approaching years.

The firm bought 113,419 absolutely electrical automobiles in 2023, a rise of 70 per cent versus 2022 and representing 16 per cent of its complete international gross sales quantity, which was one of many highest amongst all legacy premium carmakers. Compared with 2022, Volvo Cars elevated its international electrical market share by 34 per cent.

Its electrical gross sales share remains to be primarily based on solely two absolutely electrical fashions and doesn’t but mirror the total potential of the brand new EX30 small SUV, EX90 massive SUV or EM90 MPV, all of which is able to hit the roads in earnest throughout 2024. 

During the second half of 2023, Volvo Cars additionally noticed gross revenue margins on its electrical automobiles enhance fourfold versus the tip of 2022 to 13 per cent. High lithium costs closely affected its margins in 2022, however the firm noticed a transparent uptick within the underlying profitability of those automobiles from the second half of 2023 as decrease lithium costs and the consequences of elevated pricing materialised. The firm additionally benefited from efficiencies from its personal investments.

While there’s nonetheless a niche in gross margins on the EVs in comparison with a few of its combustion engine (ICE) automobiles, this hole is closing. The EX30 is about to ship gross margins of 15-20 per cent and takes the corporate nearer to that objective. Volvo Cars additionally expects the upcoming EX90 and EM90 to contribute to closing the hole between EV and ICE margins.

Looking forward to 2024
2024 is about to be one other large 12 months for Volvo Cars because it continues to spice up its product portfolio and speed up its transformation in direction of changing into a totally electrical automobile maker by 2030.

At the tip of the fourth quarter of 2023, the primary prospects took supply of the brand new EX30 small SUV. This 12 months, Volvo Cars is targeted on rapidly ramping up manufacturing of this automobile and assembly the robust buyer demand, which has exceeded expectations. The firm can also be working laborious so as to add EX30 manufacturing to its Ghent plant in Belgium.

In the primary half of 2024, the corporate will begin manufacturing of its new EX90 flagship SUV, with buyer deliveries beginning quickly after. The EX90 represents a significant know-how leap with the introduction of Volvo Cars’ next-generation absolutely electrical platform upon which the automobile is constructed. 

As one of many first automobiles filled with core computing know-how, the software-defined EX90 represents a big paradigm shift for Volvo Cars. It is a automobile that brings next-generation security, connectivity, knowledge and software program all collectively in a single product, and reaffirms the corporate’s place as an business chief within the ongoing know-how transition.

The absolutely electrical EM90 MPV, which Volvo Cars revealed in China in November, has additionally began manufacturing. Like the EX90, the EM90 is a vital automobile for China and exhibits how critical the corporate is about succeeding in that market and taking market share. 

Together, these three new absolutely electrical automobiles will considerably increase Volvo Cars’ product providing across the globe and profitably take it into new demographics and market segments that it has not been energetic in earlier than.

On prime of that, Volvo Cars will refresh its plug-in hybrid automobiles, that are an vital bridge in direction of full electrification. Together with its absolutely electrical automobiles, this creates a broad and enticing Volvo Cars portfolio for right now’s international market. 

Volvo Cars expects it will enhance progress from 2024 and can considerably enhance its share of absolutely electrical automobiles versus 2023. In addition, the brand new electrical fashions will assist it to additional shut the margin hole between electrical automobiles and inside combustion engine automobiles in 2024. In phrases of complete 2024 retail gross sales, the corporate goals for a better year-over-year progress fee than in 2023.

“It is my firm belief that the hard work we have put in during 2022 and 2023 positions us to meet our objectives for the years ahead,” mentioned Jim Rowan. “Our strategy is well defined and unambiguous, and is the right one for Volvo Cars, our customers and the environment. Our results, order book and key performance metrics prove as much, and our customers clearly like what they see.”

A decisive transformation section 
Volvo Cars is now coming into a decisive section in its transformation journey. Not solely will it proceed to roll out and ramp up manufacturing of the EX30, EX90 and EM90 in 2024, however the firm can also be considerably ramping up different investments that may assist it change into a pacesetter in next-generation mobility. 

In the interval up till 2025, Volvo Cars will make the required structural and strategic investments that lay the technical basis for its future success: electrification, software program, core computing architectures, superior connectivity, knowledge seize and analytics, mega casting, next-generation e-motor and battery know-how, good cabin know-how, and a brand new superior manufacturing facility.

This will imply a short lived rise in funding ranges, but these strategically essential investments will drive vital value efficiencies in Volvo Cars’ subsequent era of absolutely electrical automobiles. They lay the muse for additional worthwhile progress and elevated EV margins.

The firm has a robust steadiness sheet supporting the transformative investments, with a liquidity place of SEK 75 bn as of year-end 2023, and throughout the funding section in 2024-25 it expects the free money stream era to be comparatively impartial.

From 2026 and onwards, Volvo Cars not solely expects the extent of investments to say no however to reap the advantages of this technique with greater progress and profitability. It will even at this level generate a robust optimistic free money stream. 

As the corporate accelerates its transformation, it is going to put much more emphasis on driving worthwhile progress over time and prioritising worth over quantity. It will double down on inside effectivity, guarantee sturdy capital allocation throughout our enterprise and capitalise on its section one investments.

Polestar replace
Polestar is coming into the subsequent thrilling section of its journey with a strengthened marketing strategy and value actions, added expertise to its government administration crew and board of administrators, in addition to the upcoming rollout of Polestar 3 and Polestar 4. This mixture positions Polestar effectively for future progress.  

As we transfer into the subsequent section of our transformation, together with deploying large-scale investments within the creation and adoption of latest applied sciences and future-fit manufacturing services, our focus is on growing Volvo Cars and concentrating our sources on our personal formidable journey.  

We are subsequently evaluating a possible adjustment to Volvo Cars’ shareholding in Polestar, together with a distribution of shares to Volvo Cars shareholders. This could end in Geely Sweden Holdings changing into a big new shareholder.  

Geely will proceed to offer full operational and monetary assist to Polestar going ahead, and, in consequence, Volvo Cars will not present additional funding to Polestar. We will, nevertheless, lengthen the reimbursement interval for the present convertible mortgage by 18 months to the tip of 2028. This will probably be topic to related approvals and additional info will probably be supplied in the end. 

Volvo Cars’ and Polestar’s robust operational collaboration throughout R&D, manufacturing, aftersales and business will proceed to the profit of each corporations.

Clarified ambitions
In gentle of those plans, Volvo Cars has determined to make clear its ambitions that have been set out at its IPO. The firm stands agency on its technique round electrification and technological management, one of the formidable within the business. Yet by clarifying its ambitions with sharpened metrics, it improves transparency and permits for a greater follow-up on its progress. 

The firm stays agency on its ambition to report an EBIT margin above 8 per cent for 2026, and now achieve this primarily based on anticipated revenues between SEK 550-600 billion. This clarified ambition additional underlines that Volvo Cars seeks to develop when it comes to revenues and worth somewhat than on quantity alone, thereby focusing much more on worthwhile progress. 

Note to editors

  • Chief Executive, Jim Rowan, Chief Financial Officer, Johan Ekdahl, and Chief Commercial Officer and Deputy CEO, Björn Annwall, will host a livestream on Volvo Cars’ 2023 outcomes for media, buyers and analysts at 08:00 CET right now. The displays will probably be held in English and adopted by a Q&A session.

Link for livestream: https://live.volvocars.com

China-only hyperlink for livestream: https://live.volvocars.com.cn

It will probably be potential to ask questions throughout the Q&A session following the principle presentation. To take part, you’ll be able to both use the chat operate on-line to sort your query or you’ll be able to name in. To name in, members have to register through the hyperlink under and can then obtain the dial-in particulars and particular person PIN.

Link to register

Link to Geely press release

Link to Polestar press release

This disclosure accommodates info that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The info was submitted for publication, via the company of the contact particular person, on 01-02-2024 07:00 CET.

 

VolvoCars

Invitation to Volvo Cars’ presentation of the fourth quarter and year-end report 2023

Volvo Cars will publish its fourth-quarter and full-year 2023 monetary outcomes on Thursday, 1 February 2024 at 06:00 UK time (07:00 CET). 

At 07:00 UK time (08:00 CET), President and CEO Jim Rowan, CFO Johan Ekdahl and Deputy CEO and Chief Commercial Officer Björn Annwall will host a livestream for media, buyers and analysts. The displays will likely be held in English and adopted by a Q&A session.

We look ahead to your participation. See under detailed info: 

07:00 UK time (08:00 CET)          Presentation for media, buyers and analysts 
 
Link: https://live.volvocars.com 
If you tune in from China, please use this hyperlink: https://live.volvocars.com.cn

It will likely be potential to ask questions throughout the Q&A session following the primary presentation. To take part, you’ll be able to both use the chat perform on-line to sort your query or you’ll be able to name in. To name in, members have to register and can then obtain the dial-in particulars and particular person PIN.

Link to register

——————————-

Volvo Cars in 2022 
For the complete 12 months 2022, Volvo Car Group recorded an working revenue of SEK 22.3 billion. Revenue in 2022 amounted to SEK 330.1 billion, whereas world gross sales reached 615,121 automobiles.  

About Volvo Car Group 
Volvo Cars was based in 1927. Today, it is without doubt one of the most well-known and revered automotive manufacturers on the earth with gross sales to clients in additional than 100 international locations. Volvo Cars is listed on the Nasdaq Stockholm alternate, the place it’s traded underneath the ticker “VOLCAR B”. 

“For life. To give people the freedom to move in a personal, sustainable and safe way.” This goal is mirrored in Volvo Cars’ ambition to grow to be a totally electrical automotive maker by 2030 and in its dedication to an ongoing discount of its carbon footprint, with the ambition to be a climate-neutral firm by 2040. 

As of December 2022, Volvo Cars employed roughly 43,200 full-time workers. Volvo Cars’ head workplace, product improvement, advertising and administration capabilities are primarily positioned in Gothenburg, Sweden. Volvo Cars’ manufacturing crops are positioned in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The firm additionally has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China). 

VolvoCars

Volvo Cars reconfirms its dedication to sustainability with new ambitions and a deal with biodiversity

Volvo Cars is increasing its sustainability technique, setting new formidable targets for 2030 and 2040. The firm can also be boosting its deal with biodiversity, and by 2025 the corporate goals to have 100 per cent of its debt linked to its Green Financing Framework or in a sustainability-linked format.

“Taking actions to combat climate change is non-negotiable and going fully electric is an important step on our pioneering journey,” says Jim Rowan, CEO of Volvo Cars. “As we move to further reduce emissions throughout our value chain, we have a responsibility to do more and address our biodiversity footprint as well as help improve people’s lives. Our updated strategy has been designed to help us do just that.”

Volvo Cars’ new sustainability ambitions for 2030 briefly:

  1. Reduce its CO2 emissions per automotive by 75 per cent (in comparison with 2018 ranges)
  2. Reduce power utilization in its operations per common automotive by 40 per cent (in comparison with 2018 ranges)
  3. Reach 30 per cent common recycled content material throughout its fleet, with new automotive fashions having at the very least 35 per cent recycled content material
  4. Reduce water use in its operations by 50 per cent common per automotive (in comparison with 2018 ranges)
  5. At least 99 per cent of all waste from its operations to be both reused or recycled

Since the discharge of the sustainability technique in 2019, Volvo Cars has made progress in the direction of its local weather motion targets. For instance, 69 per cent of firm operations are actually powered by climate-neutral power in contrast with 55 per cent in 2019, and 100 per cent climate-neutral electrical energy is now used throughout its manufacturing crops globally in contrast with 80 per cent in 2019. Additionally, Volvo Cars has lowered its CO2 emissions per automotive by 19 per cent since 2018.

Net zero greenhouse fuel emissions by 2040
Volvo Cars’ purpose now could be to achieve zero greenhouse fuel emissions by 2040. This expands upon our earlier ambitions of being local weather impartial by 2040, and clarifies the corporate’s intention to make use of carbon removals solely to mitigate any unavoidable emissions. The firm’s first precedence stays to cut back actual emissions earlier than turning to carbon removals, and it encourages its suppliers to do the identical.

This shall be underpinned by an ambition to realize 100 per cent inexperienced debt or sustainability-linked financing of property by 2025 – in recognition of the truth that finance performs a vital function in advancing sustainable growth.

2030 is a milestone 12 months for the corporate. By then it plans to be a totally electrical automotive firm whereas additionally aiming to cut back CO2 emissions per automotive by 75 per cent in contrast with its 2018 baseline. The firm believes that by a mixture of promoting solely absolutely electrical vehicles and lowering emissions by 30 per cent from each its provide chain and operations, it will likely be on observe to fulfill the CO2 discount targets.

Working in the direction of changing into a round enterprise by 2040
At Volvo Cars, embracing the round financial system has been in focus since 2019. Recycled materials already includes a bigger proportion of supplies in newer Volvo vehicles than ever earlier than. For instance, almost 25 per cent of all aluminium within the Volvo EX30 is recycled, whereas roughly 17 per cent of all metal and plastic within the automotive comes from recycled sources as nicely.

Volvo Cars goals to make use of 30 per cent common recycled content material throughout its fleet by 2030, and for brand spanking new automotive fashions launched from 2030 to comprise at the very least 35 per cent recycled content material. The firm can also be striving to make sure that by 2030, 99 per cent of all its waste is both reused or recycled in contrast with recycling 94 per cent of world manufacturing waste in 2022. 

Striving to be web optimistic and to contribute to a nature optimistic future
Volvo Cars believes in taking an entire worth chain method to its impression on biodiversity. In addition to taking motion to cut back impression, it can additionally pursue restorative actions.

To uncover how Volvo Cars’ actions have an effect on biodiversity, the corporate performed an impression evaluation utilizing manufacturing and gross sales knowledge from 2021 to estimate its annual biodiversity footprint utilizing the ReCiPe mannequin. Using the findings as a baseline, Volvo Cars is now setting a long-term ambition to attempt to be web optimistic throughout its worth chain and to contribute to a nature optimistic future.

This would require a mix of short-term and long-term measures that Volvo Cars is at present creating, akin to avoiding and lowering the impacts of its worth chain, designing a programme for restoration and conservation actions inside ecosystems the place it operates/sources from, and dealing along with provide chain companions to ascertain consciousness on biodiversity points.

Help shield folks’s lives inside and past the worth chain
Volvo Cars needs to have a optimistic impression on society. The firm has, for instance, taken steps to assist shield folks by specializing in its damage price (LTCR). The present damage price (LTCR) is 0.07, an industry-leading effort, however the purpose is to additional scale back the office damage price to 0.02 by 2030. Throughout its worth chain, Volvo Cars can also be working arduous to assist safeguard human rights by risk-based due diligence processes to hint, determine, assess and tackle human rights dangers.

Together with like-minded companions, Volvo Cars appears ahead to unveiling new social and environmental initiatives within the 12 months forward, aimed in the direction of serving to shield folks and the planet.

The small print

  • On throughout its fleet by 2030: this refers to all fashions at present being produced at the moment.
  • On web optimistic throughout its worth chain: aiming in the direction of web optimistic implies that Volvo Cars will take actions to keep away from and scale back its impacts, in addition to interact in restoration and regeneration of nature to the extent that it positively balances its destructive impacts.
  • On nature optimistic: Volvo Cars’ purpose to contribute in the direction of nature optimistic means that it’ll not solely purpose to be web optimistic, but additionally purpose at repeatedly lowering its destructive impression relative to a 2021 baseline. 
  • On damage price (LTCR): damage price (LTCR) is outlined because the variety of work and occupational accidents reported with at the very least sooner or later sick depart, divided by hours labored and multiplied by 200,000.
  • On risk-based due diligence processes to hint, determine, assess and tackle human rights dangers: risk-based due diligence processes carried out globally to evaluate the potential or precise antagonistic impression and prioritise actions to stop, stop, mitigate and treatment recognized human rights violations. The processes ought to fulfil upcoming EU Corporate Sustainability Due Diligence Directive (CSDDD) and its human rights compliance programme. This features a accountable sourcing administration system aiming to introduce a formalised and constant course of to proactively handle human rights and environment-related dangers in Volvo Cars’ provide chains for all its recognized Raw supplies of concern (RMOC).
  • On along with like-minded companions: current examples on this area are Volvo Cars’ monetary and in-kind help to Save the Children and UNICEF’s Ukraine response and collaboration with Girls Who Code.