Volvo finished 2021 with record revenue and profitability and strong demand for its cars, despite ‘persistent’ supply shortages.
Overall, Volvo recorded revenues of SEK 282bn (£22.35bn) in 2021, up considerably on the 262.8bn (£20.84bn) that it posted in 2020.
Its operating margin for the period was 7.2 per cent, too.
Hakan Samuelsson, chief executive Volvo Cars, said: ‘2021 was a year to be proud of for Volvo Cars. Despite persistent component supply shortages in the auto industry, we increased market share globally and delivered all-time high revenue and profitability.’
In total, Volvo sold 698,693 cars in 2021 – an increase of 5.6 per cent on 2020’s figure.
The XC60 took the title as Volvo’s most popular model during 2021, though the firm’s trio of SUVs accounted for nearly three-quarters of its total sales.
Last year Volvo sold 215,635 XC60 cars, followed by the XC40 and seven-seater XC90 with sales of 201,037 and 108,231 respectively.
Volvo’s saloon line-up saw a 15 per cent decline, however, though the S60 and S90 still accounted for just under 100,000 units. Sales of their estate equivalents, the V60 and V90, totalled 76,600.
Samuelsson added: ‘We have placed Volvo Cars firmly on the map as a brand that is leading mobility into the future in a safe, sustainable and personal way, showing it is possible to be both profitable and more sustainable.’