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Volvo data development of £2bn in first 9 months of 2021 | Autocar

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Volvo’s income grew by the equal of £2 billion 12 months on 12 months within the first three quarters of 2021, towards a wider backdrop of {industry} decline attributable to the continued provide chain disaster.

From January to September, the Swedish producer posted revenues of SEK 202bn (£16.7bn), up from SEK 177.5bn (£14.7bn) throughout the identical interval in pandemic-blighted 2020.

Its working earnings for the interval was SEK 16.6bn (£1.38bn), a considerable improve on the SEK 3.6bn (£300m) recorded from Q1 to Q3 final 12 months, and its working margin was 8.2%. 

Nonetheless, in the newest quarter (July-September), whole revenues of SEK 60.8bn (£5.04bn) signify a 7% year-on-year decline, and the working margin of 5.5% is lower than the year-to-date common. Volvo notes that in this era, gross sales have been down 17% 12 months on 12 months.

Volvo CEO Håkan Samuelsson stated: “Manufacturing was roughly 50,000 vehicles decrease within the quarter in comparison with the identical interval in 2020, whereas gross sales within the interval fell by roughly 30,000 vehicles because the drop in manufacturing volumes was compensated by lowered stock.

“The provision scenario has improved going into the fourth quarter, however we anticipate the industry-wide scarcity of semiconductors to stay a restraining issue.”

Early figures for November counsel Volvo offered round 52,000 vehicles, a decline in contrast with the identical month final 12 months, which it attributes to “a build-up of in-transit stock”. 

Samuelsson stays assured that Volvo “will attain the outlook said at first of 2021”. 

The corporate highlights that some 26% of all Volvo fashions offered within the third quarter have been electrified – 22% plug-in hybrid and 4% electrical. Volvo plans to go all-electric by 2030, and all-electrified 5 years earlier than that. By 2025, it plans for half of all vehicles offered to be purely electrical, and the opposite half plug-in hybrid.

Presently, it sells two purely electrical vehicles, the XC40 Recharge and intently associated C40 Recharge. The successor to its XC90 flagship will be revealed in 2022 with an electrical possibility and will probably be adopted by 4 new pure-EVs by 2025.

SUVs proceed to make up the majority of Volvo’s gross sales. The XC60 grew to become the best-seller as soon as once more, with the 162,600 models offered from January to September shading the 141,500 XC40s offered (discounting the pure-electric derivatives). Gross sales of the big XC90 grew, too, to 80,400 models.

Samuelsson has beforehand advised Autocar that SUVs will underpin Volvo’s transition to a maker of pure-EVs, citing elevated buyer demand for higher-riding fashions. Within the first three quarters of 2021, it offered 42,400 V60 and 15,800 V90 estates, and 36,300 S90 and 36,100 S60 saloons – with these conventional lower-slung fashions accounting for only a quarter of Volvo’s gross sales general. 

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