{"id":112130,"date":"2024-02-01T19:02:40","date_gmt":"2024-02-01T19:02:40","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023"},"modified":"2024-02-01T19:53:11","modified_gmt":"2024-02-01T19:53:11","slug":"volvo-cars-sees-record-breaking-year-in-2023","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023","title":{"rendered":"Volvo Cars sees record-breaking year in 2023"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Volvo Cars announced Thursday it had a record-breaking year in 2023 and reported its highest full-year retail sales, revenues and operating profit in its history.<\/p>\n

The Swedish multinational vehicle manufacturer said sales climbed to an all-time high of 708,716 cars, which pushed revenues up 21% to SEK 399.3 billion ($38.24 billion) in 2023.<\/p>\n

The company saw operating an profit of SEK 25.6 billion in 2023, which marks an increase of 43% compared to 2022, according to a financial results statement.<\/p>\n

CEO Jim Rowan said 2023 was “a key milestone in our transformation journey.”<\/p>\n

“We delivered a record-breaking year on many levels, reporting the highest retail sales, revenues and profits in our company\u2019s 97-year history. We also took several significant steps forward in our ongoing transformation, while navigating a complex external environment,” he said.<\/p>\n

The company sold 113,419 fully electric cars in 2023, a gain of 70% from 2022, which represents 16% of its global sales volume. The company said it increased its global electric market share by 34%.<\/p>\n

With strong financial results, Volvo Cars’ stock price soared 28% on the Stockholm Stock Exchange at 1538CET.<\/p>\n

Polestar’s shares, on the other hand, plummeted more than 11% Thursday, while it is down 83% since June 2022 when it went public.<\/p>\n

The firm announced that it is evaluating a potential adjustment to its shareholding in subsidiary Polestar Automotive, a manufacturer of electric vehicles, which may result in Geely Sweden Holdings becoming a significant new shareholder.<\/p>\n

China’s automotive company, Geely Holding, has a majority ownership in Volvo, which bought Volvo Cars from the Ford Motor Company in the US in 2010 for $1.8 billion.<\/p>\n

“Geely will continue to provide full operational and financial support to Polestar going forward,” said the statement. “As a result, Volvo Cars will no longer provide further funding to Polestar.”<\/p>\n

“Volvo Cars\u2019 and Polestar\u2019s strong operational collaboration across R&D, manufacturing, after sales and commercial continues to the benefit of both companies,” it added.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Volvo Cars announced Thursday it had a record-breaking year in 2023 and reported its highest full-year retail sales, revenues and operating profit in its history. The Swedish multinational vehicle manufacturer said sales climbed to an all-time high of 708,716 cars, which pushed revenues up 21% to SEK 399.3 billion ($38.24 billion) in […]<\/p>\n","protected":false},"author":84,"featured_media":112128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[6857,7003,11692,544,11693,9921,11691],"class_list":["post-112130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-kenya","tag-geely","tag-kenya","tag-polestar","tag-sales","tag-volvo-cars"],"yoast_head":"\nVolvo Cars sees record-breaking year in 2023 - kenya<\/title>\n<meta name=\"description\" content=\"Volvo Cars announced Thursday it had a record-breaking year in 2023 and reported its highest full-year retail sales, rev ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Volvo Cars sees record-breaking year in 2023\" \/>\n<meta property=\"og:description\" content=\"Volvo Cars announced Thursday it had a record-breaking year in 2023 and reported its highest full-year retail sales, rev ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-01T19:02:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-01T19:53:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/02\/sm_1706804189.274901.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Volvo Cars sees record-breaking year in 2023\",\"datePublished\":\"2024-02-01T19:02:40+00:00\",\"dateModified\":\"2024-02-01T19:53:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023\"},\"wordCount\":324,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/02\/sm_1706804189.274901.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Geely\",\"Kenya\",\"Polestar\",\"sales\",\"Volvo Cars\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/volvo-cars-sees-record-breaking-year-in-2023\",\"name\":\"Volvo Cars sees record-breaking year in 2023 - 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