Volvo Cars enjoys P536.209-B revenue in Q2 2023

Volvo Cars enjoyed an overall revenue of SEK (Swedish Krona) 102.2 billion (approximately P536.209 billion) in the second quarter of 2023.

Compared to last year’s second-quarter revenue, the abovementioned figure revealed significant growth as the Swedish carmaker only totaled SEK 71.3 billion (around P374.087 billion) in the same time period in 2022.

“The second quarter of 2023 shows that the year is shaping up as planned. In these past three months, we have continued to deliver on our ambitious transformation goals and made steady progress. At the same time, we also achieved a solid underlying business performance with increased sales and revenues. We are performing and transforming while navigating the external challenges that have come our way,” commented Volvo Cars President and Chief Executive Jim Rowan.

During the aforementioned timeline, Volvo Cars also experienced continued strong sales performance for electric cars. Per the company’s records, sales of fully-electric Volvo car models increased by 178 percent year-on-year during the quarter and accounted for 16 percent of its total share.

“The company’s newly launched fully electric cars – the Volvo EX90 and EX30 SUV models – are not yet in production and have so far not contributed to the company’s 2023 performance. Once these new cars hit the roads, they will further boost fully electric car sales towards Volvo Cars’ ambitious goal to sell only fully electric cars by 2030,” Volvo Cars wrote in a press release.

“As the company enters the second half of 2023 this dynamic will change, since it will not only benefit from lower lithium prices but also realize the effects of increased pricing on MY (model year) 2024 fully electric cars. Therefore, margins on fully electric cars are expected to improve in the coming quarters,” added the Gothenburg-based, Geely-owned brand.

Photos from Volvo Cars

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