Volvo made a net profit of 20.3 billion Swedish kronor last year, an increase of 63.9% over the same period last year.

Volvo reported full-year revenue of 282 billion Swedish kronor in 2021, up from 262.8 billion Swedish kronor in 2020. Operating profit rose from 8.5 billion Swedish kronor the previous year to 20.3 billion Swedish kronor, a year-on-year increase of 138%, profit margin of 7.2%, full-year revenue and profits hit an all-time high.

H å kan Samuelsson, president and chief executive of Volvo Automotive Group, said: 2021 will be a proud year for Volvo. Despite persistent parts shortages in the automotive industry, we have increased our market share globally and achieved the highest revenues and profits ever.

It is reported that Volvo car electrification products continue to be popular with users, with RECHARGE models accounting for 34% of global sales in the fourth quarter of 2021. Plug-in hybrid models account for 28% of sales, while pure electric models account for 6% of total sales. In addition, compared with 2020, sales of the company's RECHARGE series increased by 63.9% in 2021, accounting for 27% of global sales, a record high. RECHARGE cars in mainland China grew 77% in December and 96% in the same period last year.

Volvo says its share of total sales will continue to grow as it increases its annual production capacity to 150000 units this summer, and for the whole of 2022, the company expects this share to more than double that of 2021.

Battery Network has learned that as the first luxury car company in the world to issue a comprehensive electrification strategy, Volvo has put forward the goal of fully transforming into an all-electric luxury car company by 2030. At present, the company is actively arranging electrification around the world.

On February 4th, Volvo announced the establishment of a new battery manufacturing plant with Northvolt in Gothenburg, Sweden, which will begin operation in 2026 to produce state-of-the-art batteries developed for the next generation of all-electric Volvo and Polar Star cars. The plant's potential battery production capacity will be as high as 50GWhh a year, which can be used for about 500000 cars. The two companies had already announced the creation of an R & D center in December last year, with a total investment of about 30 billion Swedish kronor (SEK) for the two projects.

On February 9th, Volvo announced that it will provide customers with the next generation of pure electric vehicles with longer mileage, faster charging speed and lower cost, which will reach a new milestone in terms of safety and sustainability. To achieve this goal, Volvo will invest 10 billion Swedish kronor (7 billion yuan) in the next few years at its Torslanda manufacturing plant in Sweden to prepare for the production of the next generation of all-electric vehicles.