Despite the slight drop in operating income, Volvo has managed to save the furniture in a first quarter of the year marked by market instability marked, among other things, by the reductions in car prices by Tesla and the Lack of materials. Between January and March, Volvo has achieved revenues of 95.7 billion Swedish crowns (about 67.21 billion euros), 29% more than in the same period in 2022 . However, its operating result fell to 5.1 billion Swedish crowns, that is, 16% less than in the same period of the previous year. This increase in revenue is a positive for Volvo. "We have entered 2023 on a stable note, continuing our ongoing transformation with revenue and core earnings growth in the first quarter," said Jim Rowan, Chairman and CEO. "With this performance we have laid a solid foundation for the remainder of 2023, but we remain ever vigilant amid the continued turbulence around the world. Our focus is on execution," he adds. The EBIT margin was 5.3%, 34% less than in 2022 when it was.
The company's EBITDA has also fallen to SEK 9.2 billion, which is 8% less than in 2022. This drop in profits is smaller than they expected, as it states that the external environment remains difficult and volatile. "The macroeconomic environment remains difficult. But we are confident that we can weather these headwinds and carry out our transformation," Rowan said. "Given the long-term nature of the headwinds our sector is likely to face, we are also assessing the need Norway WhatsApp number for further targeted cost measures ." However, not everything has been bad for Volvo. Its sales have grown by 10%, reaching 162,900 vehicles . In addition, sales of electric cars also grew by 157%. This indicates, according to the group, that "Volvo Cars is among the fastest converters in the sector, while maintaining price discipline." This performance raised the share of fully electric cars to 18% , up from 8% in the first quarter of last year. This is a milestone, since Volvo has achieved it with only 2 electric vehicles on the market: the XC40 and the C40.
The manufacturer has already announced that it will introduce new models to the market. A personal trainer lost 6 kilos in a month by eating pizza daily to prove that you can lose weight and enjoy "Volvo Cars will introduce more fully electric cars in the coming years, at least one a year until mid-decade, built on next-generation electric architectures and core computing technology. This rollout plan will put the company on the right path toward their ambitious transformation objectives," they explain. For the rest of the year, Volvo says it is navigating an increasingly turbulent external environment . "Overall demand for its vehicles remains good globally, but regional variations and fluctuations are observed. Overall, however, the size of the order book remains stable and at historically strong levels." Although demand and prices may complicate the sale of cars, the Swedish company plans to continue growing both in the production and marketing of traditional and electric cars, where it hopes to increase its share above the 11% marked the previous year.