Volvo Cars reports several all-time-highs in 2023

Volvo Cars said on Thursday that 2023 was a record-breaking year for the company, with more than 700,000 cars sold and the highest revenue and sales profit in its 97-year history.

Revenues increased by 21 percent to 399.3 billion Swedish kronor (US$38.3 billion), while the underlying operating profit excluding joint ventures and associates increased by 43 percent to 25.6 billion kronor, the carmaker said in its year-end report for 2023.

A total of 708,716 cars were sold in 2023, following a year-on-year sales increase of 15 percent, according to the report.

Volvo Cars, which was acquired by Chinese automaker Geely in 2010, has previously said that it aims to solely produce fully-electric cars by 2030. In 2023, sales within this sector increased by 70 percent to 113,419.

According to the report, Volvo Cars increased its global electric market share by 34 percent year-on-year, while the gross profit margin in the segment increased by 13 percent.

The carmaker, which is headquartered in the Swedish city of Gothenburg, had around 43,200 full-time staff in 2022.

Its main production plants are situated in Gothenburg, Ghent (Belgium), South Carolina (United States), and the Chinese cities of Chengdu, Daqing and Taizhou.

The company also has research and development and design centers in Gothenburg, Camarillo (the United States) and Shanghai (China).