Volvo Cars has achieved its best financial year in history, reporting record-breaking sales, revenues, and core operating profit for the second consecutive year. The company’s Annual and Sustainability Report for 2024, now available on its Investors website, highlights its strategic growth, sustainability achievements, and financial performance.
A Historic Year of Growth and Profitability
For the first time ever, Volvo Cars’ full-year revenues surpassed SEK 400 billion, fueled by an all-time high retail sales record of 763,389 vehicles. The company also posted a core operating profit of SEK 27 billion, marking a 6% increase from 2023, with an improved core operating margin of 6.8%, up from 6.4% in the previous year.
Electrification Milestones
Volvo Cars continues to lead the transition to electrification, achieving a 54% increase in fully electric vehicle sales compared to 2023. The company sold 175,194 fully electric cars, which accounted for 23% of its total global sales volume—the highest share among all legacy premium carmakers. Additionally, sales of fully electric and plug-in hybrid models made up 46% of total Volvo cars sold in 2024.
Commitment to Sustainability and Transparency
The Annual and Sustainability Report integrates Volvo Cars’ sustainability reporting, aligned with the Global Reporting Initiative (GRI) standards. The report outlines the company’s strategic priorities and ambitions, reinforcing its commitment to innovation, sustainability, and financial transparency.
This announcement, in compliance with the Swedish Securities Markets Act (2007:528), was officially submitted for publication on March 12, 2025, at 09:00 CET.
With its strong financial performance and rapid electrification progress, Volvo Cars is poised to continue shaping the future of sustainable premium mobility in the global automotive industry.
