By Volvo Car has reported a growth in third-quarter revenue driven by higher volumes. While uncertainties persist, the company remains vigilant and focused on execution. The net profit attributable to shareholders rose to 3.0 billion Swedish kronor ($269.1 million) from SEK333 million a year earlier. Revenue also climbed by 16% to SEK92.05 billion, exceeding analysts’ projections.
Emphasis on Efficiency and Sustainability
Chief Executive Jim Rowan emphasized the company’s commitment to remain cost-conscious and work towards greater efficiency and sustainability. Volvo Car is starting to benefit from lower lithium prices; however, it is also facing the effects of increased pricing on its fully-electric cars for the model year 2024. The company has seen a decline in raw material prices, as well as eased costs for freight and other logistics. Additionally, spot buy costs for key components, such as semiconductors, have fallen. Volvo Car expects solid double-digit growth in retail sales volumes for the year and aims to increase its share of fully-electric car sales compared to the previous year.
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