Volvo announces its annual figures for 2021. This shows that the car manufacturer had an excellent year despite the chip shortage. Never before have the car manufacturer’s turnover and margin per car been so high.
Volvo’s accountants were able to write thick black numbers in their files for the past year. Volvo’s turnover in 2021 amounted to €26.6 billion, the highest turnover ever for the car manufacturer. Volvo also sold more cars than in 2020, with sales increasing by 6 percent to 698,700 units. Volvo’s profitability also reached a record high with a profit margin of 7.2 percent. Total profit for the year is €1.9 billion.
Volvo was particularly affected in the fourth quarter by the chip shortage and high material prices. Compared to the same period last year, profit fell from €463 to €347 million, turnover in the last quarter of 2021 was €7.6 billion, 6 percent lower than in 2020. This is partly due to Volvo in the fourth quarter. produced only 168,000 cars, a 20 percent decrease from the previous year. Volvo still foresees a large degree of uncertainty for 2022. The brand says that the shortage of parts has decreased slightly, but that the logistics chain remains a limiting factor for growth.
Volvo can use the money well, because the car brand is currently working on the construction of a new battery factory and Volvo’s largest car factory is also being renovated for the construction of electric cars.
– Thanks for information from Autoweek.nl