Good news for Volvo Cars as the EX30 and all other models find more new homes
Volvo Cars financial results for the second quarter of 2024 are in, and they demonstrate that they are driving profitable growth and creating value for all their stakeholders.
Their core EBIT (excluding JVs and associates) came in at SEK 8.2 billion, the highest ever in a single quarter and a 28 percent increase vs Q2 2023. Their core EBIT margin was a record 8.1 per cent.
“We delivered a strong Q2 performance with record underlying profitability, demonstrating our ability to create value despite a complex geopolitical and economic environment,” says Jim Rowan, our chief executive. “Our core operational momentum remains on a firm footing, thanks to the strength of our balanced strategy, product portfolio and our agility in responding decisively to headwinds.”
“Our brand and values around safety and sustainability, as well as our unique technology approach, continue to resonate strongly with customers,” adds Jim Rowan. “During the year we increased our market share in Europe to the highest level ever and grew our share in the US as well, while managing our market position in China. I am pleased that we did so with pricing discipline.”
Only in February this year, Volvo Cars achieved its highest-ever share of electrified models, both in fully electric as well as in plug-in hybrids and electric vehicles (EVs) combined. This was mainly driven by the ramp-up of the company’s new fully electric small SUV, the EX30.
Moreover, fully electric cars constituted 22 percent of all cars sold globally during the month, while the combined sales of fully electric cars and plug-in hybrids accounted for 44 percent.
Sales in Europe remained strong and grew 26 percent compared to February 2023, reaching 26, 773 units.
Sales of cars with a fully electric or plug-in hybrid powertrain increased 18 percent, while sales of fully electric cars increased by 31 percent, compared to February last year.
