Shulou(Shulou.com)11/24 Report--

CTOnews.com, April 27-Volvo reported today that operating profit (excluding joint ventures and associates) rose 7 per cent to 6.3 billion Swedish kronor (CTOnews.com) in the first quarter of 2023, with a profit margin of 6.6 per cent before interest and tax.

Tuyuan Pexels benefited from the XC40 and C40, Volvo car sales rose 10% in the first quarter compared with the same period last year, of which pure electric vehicle sales increased by 157%. This performance brings the share of pure electric vehicles to 18 per cent, compared with 8 per cent in the first quarter of last year. The carmaker will launch more pure electric cars in the coming years, at least one a year until the middle of this century.

Q1 operating and financial results Volvo's revenue in the first three months increased 29% compared with the same period last year to 96 billion Swedish kronor (64.454 billion yuan), and retail sales in the quarter recorded double-digit growth compared with the same period in 2022.

Revenue in the first quarter was SEK 95.7 billion (SEK 74.3 billion in the first quarter of 2022)

Operating income in the first quarter was SEK 5.1 billion (SEK 6 billion in the first quarter of 2022)

First quarter operating income (excluding joint ventures and associates) was SEK 6.3 billion (SEK 5.9 billion in the first quarter of 2022)

EBIT margin was 5.3% in the first quarter (8.1% in the first quarter of 2022)

First quarter EBIT margin (excluding joint ventures and associates) was 6.6% (7.9% in the first quarter of 2022)

Basic earnings per share in the first quarter were SEK 1.21 (SEK 1.29 in the first quarter of 2022)

The share of pure electric vehicle sales in the first quarter was 18% (8% in the first quarter of 2022)

Volvo said earnings before interest and tax were growing even though raw material prices remained high. Earnings before interest and tax in the first quarter (excluding joint ventures and associates) rose 7 per cent from the same period last year to 6.3 billion Swedish kronor.

Looking ahead, Volvo says 2023 will be another key year for the company's continued transformation, and they will launch a new pure electric mini SUV to the world in a few months and bring competitive pricing. With the new car and EX90, Volvo will cover the high-end electric car market as well as the entry-level high-end market.

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