Recently, Volvo released the sales data of the Year of the Dragon plan in January 2024, and the official said that the total sales in Greater China reached 16,900 vehicles, a year-on-year increase of 389%。Especially in the mainland market, Volvo S60 achieved cumulative sales of 1,683 units, a year-on-year increase of 18%; Volvo S90 sold a total of 3,899 units, a year-on-year increase of 71%; The Volvo XC60 has sold a total of 7,376 units, a year-on-year increase of 54%. Deliveries of the Volvo EM90, an all-electric MPV, will begin soon, while the Volvo EX90, an all-electric SUV, will start production later this year, with deliveries to follow.
According to the performance report, Volvo's operating income in 2023 will reach 399.3 billion Swedish kronor (about 274.4 billion yuan), a year-on-year increase of 21%. The profit for the year (excluding joint ventures and associates) was 25.6 billion Swedish kronor (about 15.6 billion yuan), a year-on-year increase of 43%. In the second half of 2023, Volvo's gross profit margin for electric vehicles quadrupled to 13% compared to the end of 2022. The global market sold 113,419 BEVs in 2023, up 70% year-on-year and accounting for 16% of its total global sales.
Volvo also announced the company's results for the fourth quarter of 2023, with operating income reaching 109.4 billion Swedish kronor (about 75.2 billion yuan) in the quarter. Profit in the fourth quarter (excluding joint ventures and associates) was SEK 6.7 billion (about 4.6 billion yuan). It is worth mentioning that Volvo's BEV sales in the fourth quarter of 2023 accounted for 16% of the total global sales.
Prior to this, Volvo Cars has released global sales figures for 2023, with the total number of new cars sold for the year reaching 70870,000 units, up 15% y/y. Among them, the number of new cars sold worldwide in December was 760,000 units, up 5% y/y. In 2023, Volvo sold a total of 170,000 new vehicles in the Chinese market, a year-on-year increase of 5%, of which the sales of new energy vehicles increased by 26% year-on-year.