Volvo Cars sold 148k cars in Q1 2022 – 20% less Y-o-Y due to Russia-Ukraine conflict and Covid lockdowns

Bernice


Volvo Vehicles has just announced its to start with quarter results. For Q1 2022, the Swedish automaker sold 148,295 autos globally, down -20% 12 months-on-yr (185,700 autos in Q1 2021). This is due to supply chain constraints – there’s a scarcity for a certain component, which will also affect output for the duration of the 2nd quarter.

The automaker also experienced to contend with marketplace disturbances brought on by the Russia-Ukraine conflict and Covid-19 lockdowns in Asia. Volvo Cars and trucks CEO Jim Rowan mentioned: “In the 1st number of months of 2022, the war in Ukraine has wrecked life and displaced hundreds of thousands of harmless folks. The exact same war has also sent currently soaring inflation to new heights and additional disrupted supply chains that ended up now fragile.”

Of all the cars Volvo marketed in the initial 3 months of the year, 34% (or almost 50,000 models) of which had been the electrified Recharge styles. Out of that, 8% or near to 12,000 units were being fully electrical vehicles. This marks an on-12 months development of 9% and 6% respectively.

The bestselling Volvo model was at the time once more the XC60 with nearly 45,000 deliveries, followed by the XC40 (ICE & PHEV) at 34,400 models and the XC90 at 22,000 units. Its top market place was China with 35,700 deliveries, although the selection went down -21% from Q1 2021 because of to ongoing lockdowns in the region. It marketed 22,800 vehicles in the US (down -16%), 12,300 cars and trucks in Sweden (down -36%), and 11,100 vehicles in the Uk (down -20%).

Irrespective of the profits slump, Volvo Vehicles remains optimistic about its concentrate on for the 12 months. “When summarising Volvo Cars’ overall performance during this 1st quarter, I am very pleased that we have shipped these types of secure final results,” Rowan said, incorporating that “the strategic course stays clear and extremely significantly in focus.”

“The speediest transformer in the field, a fully electric model with immediate purchaser relations, and lower carbon emissions is our way ahead. To attain our ambitions, we will enhance our pace of solution improvement, bolster the resilience of our source chain, and accelerate our digital and computer software capabilities,” he discussed. For the entire yr 2022, Volvo Cars expects ongoing higher expansion of absolutely electrical cars.





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