On the evening of November 30th, Volvo disclosed third-quarter results that its revenue in the first three quarters reached 202 billion Swedish kronor, up from 177.5 billion Swedish kronor in the same period last year, up 13.8% from a year earlier. Operating profit reached 16.6 billion Swedish kronor, with a profit margin of 8.2%.
It is reported that in addition to continued revenue growth, Volvo's overall sales in the first three quarters reached 530600 vehicles, an increase of 18% over the same period last year, achieving double growth in sales and revenue. Of these, the company's RECHARGE accounted for 26 per cent of global sales in the third quarter (plug-in hybrids accounted for 22 per cent and pure electric vehicles accounted for 4 per cent), a record high and the largest proportion of electric vehicles among traditional carmakers.
Volvo said it began producing its second all-electric model, the Volvo C40 RECHARGE, in October. At the same time, Volvo will increase the production capacity of pure electric models at the manufacturing plants in Ghent in Belgium and Taizhou in China, which are expected to increase the annual production capacity of pure electric models from the current 15000 to more than 150000 by the summer of 2022.
Battery Network learned that on October 29th, Volvo was officially listed on the Stockholm Stock Exchange of Sweden (part of the Nasdaq Group) under the trading symbol "VOLCAR B". Its parent company, Geely, will remain its largest shareholder, and the company aims to become a pure electric car company by 2030 and a global climate zero-load benchmark by 2040.
It is reported that Hanken Samuelson, president and CEO of Volvo Automobile Group, has said that the battery factory jointly set up by Volvo and Northvolt will choose among "very few options" and will make a decision on the specific location after the year to supply batteries for the next generation of cars in Europe. At the same time, Volvo will need a similar battery factory in Asia in the future to solve the battery supply problem in the region.
Notably, Polar, an electric car maker owned by Geely and Volvo, announced in September that it would go public in a merger with (SPAC) Gores Guggenheim (Gores Guggenheim, a US special-purpose acquisition company backed by billionaire Alec Gores and investment bank Guggenheim Partners, at a valuation of $20 billion.
In addition to the passenger car sector, the Volvo Group is also making frequent efforts in the commercial vehicle field. On August 23 this year, Volvo trucks formally signed an agreement with Jiangling Motor through an online ceremony, through the acquisition of Jiangling heavy truck, which is 100% owned by Jiangling Motor, and its production base in Taiyuan. Volvo trucks will establish a wholly-owned Volvo truck production base in China to better serve China, the world's largest truck market. Volvo truck aims to produce Volvo FM, FH and FMX heavy trucks for Chinese customers in Taiyuan from the end of 2022. At present, both the new FH and FM have developed electric models, which are scheduled to start production in 2022, and fuel cell electric trucks are planned to be launched one after another in a few years.
