Volvo Cars report record six-month performance in first half

Volvo Cars reported the best half-year results in terms of sales and operating profit in its 94-year history.

The half-year financial report showed the automaker achieved a revenue of 141 billion SEK ($16.22 billion), increasing 26 percent, driven by strong demand for vehicles.

Operating income was 13 billion SEK ($1.50 billion) in the first six months of this year, representing an operating margin of 9.4 percent.

Sales volumes showed a recovery of 41 percent compared with the coronavirus crisis period in 2020, but the automaker also saw strong growth of 12 percent compared with the first six months of 2019.

The 12-month rolling sales volume is at 775,000 cars, just a little bit lower than the 800,000 target set 10 years ago.

“The company continued to grow strongly despite the industry-wide semiconductor shortage, but more importantly, we demonstrated that we are a leader of the ongoing transformation in the automotive industry,” said Chief Executive of Volvo Cars Hakan Samuelsson.

Volvo Cars aim to become entirely electric by 2030.