Volvo Cars have reported continued growth both in terms of sales and revenue for the first nine months of 2021. This has happened despite an industry-wide supply shortage which impacted production and sales volumes in the third quarter. Despite this, plug-in vehicle sales continued to grow for the company.
The company’s revenue for the first nine months of the year amounted to SEK 202 billion (£16.8 billion/€19.8 billion/$22.4 billion). This is up from SEK 177.5 billion (£14.7 billion/€17.4 billion/$19.7 billion) during the same period in 2020.
Sales volumes in the third quarter fell 17 percent compared to the same period in 2020. The 12-month rolling sales volume amounted to approximately 741,200 cars.
Demand for Volvo’s Recharge models made up 26 percent of the global volume in the third quarter, demonstrating the appeal of Volvo Cars’ electrified line-up. Plug-in hybrids amounted to 22 percent of volumes, while fully electric cars made up four per cent of total sales in the third quarter.
Håkan Samuelsson, Volvo Cars chief executive, said: “When I joined industry colleagues and government representatives in Glasgow earlier this month, to sign the Declaration on Zero Emission Cars and Vans at the UN climate conference COP26, it was to send one clear message: the time for action is now.
“For Volvo Cars that means we aim to be the fastest transformer in our industry and to become a fully electric car maker by 2030 and a climate-neutral company by 2040.”
In October, Volvo Cars started production of its second fully electric model, the Volvo C40 Recharge. As a result of strong electric car sales figures, the company will increase annual production capacity for this and its other fully electric cars.
This will take place at Volvo Cars’ manufacturing plants in Ghent, Belgium, and in Taizhou (previously called Luqiao), China. They plan to grow production from approximately 15,000 cars today to at least 150,000 cars after summer 2022.