Volvo Car AB (publ.) has published its Annual and Sustainability Report for 2024, detailing a historic financial performance and reaffirming its commitment to sustainability. The full report is available on the company’s Investors website.
For the second consecutive year, Volvo Cars set new records, achieving its highest-ever full-year retail sales, revenues, and core operating profit in its 98-year history. The company surpassed SEK 400 billion in revenue for the first time, driven by an all-time sales high of 763,389 vehicles. Core operating profit, excluding joint ventures and associates, reached SEK 27 billion, marking a 6% increase from 2023, with a core operating margin of 6.8%, up from 6.4% the previous year.
Accelerating Electrification and Sustainability
Volvo Cars continued its transformation towards an all-electric future, selling 175,194 fully electric cars in 2024, a 54% increase from 2023. Electric vehicles accounted for 23% of total global sales, the highest proportion among legacy premium carmakers. When combined with plug-in hybrids, 46% of all Volvo cars sold in 2024 had an electrified powertrain.
Sustainability reporting remains a key focus in the Annual and Sustainability Report, which adheres to the Global Reporting Initiative (GRI) framework. Volvo Cars continues to integrate sustainability into its business strategy as it advances towards its goal of becoming a fully electric car company by 2030 and achieving climate neutrality by 2040.
