Volvo Cars announced that its net profit in 2021 increased by 82% year-on-year.

　　[Pacific Auto Network] Recently, Auto announced its revenue and profit in 2021. According to the official, consumers’ demand for the car is still strong despite the continuous shortage of spare parts in the automobile industry.

　　Specifically, Volvo Car’s revenue in 2021 increased from SEK 262.8 billion in the previous year to SEK 282 billion, an increase of 7%. Operating profit increased from SEK 8.5 billion in the previous year to SEK 20.3 billion, up 138% year-on-year, and the operating profit margin was 7.2%. Net profit increased from SEK 7.8 billion to SEK 14.2 billion, an increase of 82%.

　　"2021 is a proud year for Volvo Cars," said H? Kan Samuelsson said, "Despite the continuous shortage of parts and components in the automotive industry, our global market share has increased and we have achieved unprecedented high income and profit margin."

　　According to official information, in the last quarter of 2021, Volvo Car’s revenue was 80.1 billion Swedish kronor, down 6% year-on-year. Although consumer demand and orders have been strong, automobile production was limited due to the shortage of chips. The operating profit for the quarter was SEK 3.7 billion, and the operating profit rate was 7.1%.

　　Compared with the same period in 2020, the sales of Volvo Cars in the fourth quarter of 2021 decreased by 20%. The company’s electrification series products continue to be welcomed by the market. In the fourth quarter of 2021, the series vehicles accounted for 34% of the company’s global sales, plug-in vehicles accounted for 28% of Volvo’s total sales, and pure electric vehicles accounted for 6% of the total sales.

　　As Volvo Cars increases the annual production capacity of pure electric vehicles to 150,000 vehicles, the proportion of pure electric vehicles in the total sales will double compared with 2021. Looking ahead, Volvo officials said that the uncertainty of the automobile industry is still high. Although the shortage of spare parts has eased, the supply chain is expected to remain a constraint. At the same time, Volvo Cars continues to see strong customer demand and predicts that the growth rate of electric vehicles will be faster than the overall market, which will enable the company’s sales to continue to grow in 2022. (Text: Pacific Auto Network Liu Yunqing)