GOTHENBURG, Sweden, March 5, 2024 /PRNewswire/ -- Volvo Car AB (publ.) publishes its Annual and Sustainability Report for 2023 on the Investors website. The report can be found here.

In addition to the events and financials of 2023, the Annual and Sustainability Report focuses on the strategic priorities and ambitions. Sustainability reporting is integrated in the Annual and Sustainability Report and has been prepared in accordance with Global Reporting Initiative (GRI).

Volvo Cars^[1] had a record-breaking year in 2023, with the highest full-year retail sales, revenues and operating profit in its 97-year history.

A new all-time sales record of 708,716 cars enabled revenues to rise by 21 per cent to SEK 399.3 billion for the full year 2023. The underlying operating profit of SEK 25.6 billion, excluding joint ventures and associates, represents an increase of 43 per cent compared to 2022. The operating margin excluding JVs and associates came in at 6.4 per cent, up from 5.4 per cent in 2022.

Volvo Cars sold 113,419 fully electric cars in 2023, an increase of 70 per cent versus 2022 and representing 16 per cent of its total global sales volume, which was one of the highest among all legacy premium carmakers. Compared to 2022, Volvo Cars increased its global electric market share by 34 per cent.

^{[1] Volvo Car AB (publ.) together with its wholly-owned subsidiary Volvo Car Corporation and its subsidiaries are jointly referred to as "Volvo Car Group" or "Volvo Cars".}

This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 05-03-2024 07:00 CET.

For further information please contact:

Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com

Volvo Cars Investor Relations
John Hernander
+46 31-793 94 00
investors@volvocars.com

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SOURCE Volvo Car AB (publ)