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Volvo posted record revenues in 2021 despite ‘persistent’ supply challenges

  • Swedish brand finished 2021 with revenues of £22.35bn – a new record
  • This was despite ‘ersistent component supply shortages in the auto industry’
  • Market share also increased while XC60 remained brand’s best-seller

 

Time 7:06 am, February 12, 2022

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.’

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer. In October 2021 he became Car Dealer's associate editor.

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