Volvo Cars Achieves Record-Breaking Sales, Revenue, and Profits in 2024

Volvo Cars reports its highest-ever annual sales and revenue in 2024, with 763,389 vehicles sold and SEK 400 billion in revenue. Discover key figures and strategic insights.

Volvo Cars has wrapped up 2024 on a high note, marking its second consecutive record-breaking year across key financial and operational metrics. Sales, revenue, and operating profit reached their highest levels in the company's 98-year history, underscoring the success of Volvo's electrification strategy and commitment to sustainability.

For the first time ever, Volvo's annual revenue exceeded SEK 400 billion (approximately €37.5 billion), fueled by an all-time high in sales. The company sold 763,389 vehicles, setting a new record and surpassing 2023 figures. Core operating profit, excluding joint ventures and associates, hit SEK 27 billion, up 6% from the previous year.

A major growth driver has been Volvo's rapid expansion in the electric vehicle segment. In 2024, the company sold 175,194 fully electric cars, marking a 54% increase compared to 2023. As a result, 23% of Volvo Cars' total sales in 2024 came from BEVs (Battery Electric Vehicles), the highest share among all legacy premium carmakers. When including plug-in hybrids (PHEVs), electrified models accounted for 46% of all Volvo cars sold.

Volvo Cars' strategy aligns with its long-term vision to become a fully electric brand. The company plans to phase out traditional combustion engines and aims for 50-60% of total sales to be electrified models in the coming years. Advanced technologies are playing a crucial role in this transition.

Volvo's upward trajectory is not a coincidence but the result of a well-executed strategy. Over the past few years, the company has consistently improved its performance. In 2020, Volvo sold 661,713 vehicles; by 2023, that number had risen to 708,716. However, its strongest growth driver remains its expansion in the electric vehicle market, where the brand continues to strengthen its position.

Looking ahead to 2025, Volvo Cars plans to further expand its EV lineup and increase production capacity. The compact Volvo EX30, already gaining traction in the European market, is set to enter production at the company's plant in Belgium. This move will help boost output while reducing logistics costs.

As Volvo Cars closes out 2024, it does so with strong financials, a growing EV market share, and a clear focus on sustainability. The company remains committed to its ambitious goal of becoming carbon-neutral by 2040, and so far, all signs point to a bright future on this path.

Source: media.volvocars.com