Volvo Cars, first quarter earnings down due to negative exchange rate impact

Swedish car manufacturer Volvo cars ended the first quarter of 2024 and income to SEK 93.9 billion, less than 2% compared to the same period in 2023, and were affected by the decline in contract goods sales, as well as negative exchange rate effects.

L’EBIT excluding the share of profit in joint ventures and related companies was SEK 6.8 billion (+8%), supported by higher volumes and lower material costs, which were partially offset by the mix of sales and prices. L’Net income was SEK 3.6 billion (-10%).

“We had a good start to the year, with the first quarter results laying a solid foundation for next year – he commented. Executive Director Jim Rowan – We experienced double-digit growth in retail sales volume in the quarter and set a new all-time single-month sales record in March.”

For the sake of 2024, Volvo Cars expects a higher year-on-year growth rate in retail sales than in 2023, provided no major disruptions occur. Backed by new vehicle launches, it plans to significantly increase the share of fully electric vehicles compared to 2023.