Volvo Cars reports a profit of 2 billion dollars in 2021

Volvo Cars reports a profit of 2 billion dollars in 2021

Volvo’s car division recorded a 7.5% increase in its revenue in 2021 over the results achieved in 2020, the company said in a balance sheet released on Friday, 11. During that period, 282 billion crowns entered the company’s coffers. Swedish companies, right. 30 billion US dollars.

“2021 was a proud year for Volvo Cars. Despite ongoing component shortages in the automotive industry, we have increased market share worldwide and delivered the highest revenue and profitability of all time,” said Håkan Samuelsson, CEO of Volvo Cars.

The company’s profit last year was SEK 20.3 billion, or $2 billion. Global sales during the period reached 698,700 units, 34% higher than what the company sold in 2020.

The fourth quarter was a drop in revenue

In the fourth quarter, the balance sheet showed, the company’s reported revenue was SEK 80.1 billion (US $ 8 billion), down 6% from the same period in 2020. According to the company, demand and incoming orders remained strong, but production was limited . .

“The negative impact of rates was mitigated by the rapid increase in prices and the shift to higher models. On the other hand, the distribution of profits in joint ventures and partners reduced operating income,” the company said in a statement.

Fourth quarter profit was SEK 3.7 billion, or $324 million. Sales volume for the period was down 20% from the fourth quarter of 2020.