Volvo Cars books record figures but expects challenging 2025 (Ghent)

Turnover went from 399.3 billion Swedish crowns in 2023 to 400.2 billion crowns (more than 35 billion euros). With 763,389 cars there is again a sales record. Of these, 175.194 are fully electrically powered cars, or 23 percent of all Volvo’s sold. Electric and hybrid cars together represent 46 percent of the sale.

The figures delivered an operational profit of 22.3 billion crowns (around 2 billion euros) compared to 19.9 billion crowns in 2023. The net profit went 13 percent higher to 15.9 billion crowns (around 1.4 billion euros).

In the fourth quarter the win did decrease. Volvo Cars points to a mixed image in 2024, with a more challenging second half of the year in which the demand decreased. The car builder therefore expects a “Turbulent 2025 due to challenging market conditions”.

The forecasts of the period 2023-2026 are retained, but 2025 is expected to be a challenging transition year in the light of the growth ambitions in the longer term, that sounds. The growing pace of the car market in recent years is no longer expected. There is also a good chance that the entire sector will grant more discounts due to increasing competition. “2025 will be a transition year,” Dixit CEO Jim Rowan.