Volvo Cars reports lower Q1 revenue and EBIT in “volatile world”
Volvo Cars reported a 12% decline in Q1 revenue to Skr72.6bn and a decrease in EBIT to Skr1.6bn due to foreign exchange rate effects and sales mix. The company saw a 12% rise in fully electric vehicle sales, which accounted for 24% of total sales.
Volvo Cars' Q1 performance remained under pressure due to a challenging external environment. Group operating income (EBIT) was Skr1.6bn, down from Skr1.9bn, and the EBIT margin was 2.2%. Revenue fell 12% to Skr72.6bn, while net income declined 26% to Skr0.7bn. The decrease was primarily due to foreign exchange rate effects and sales mix. Retail sales were down 11% year-on-year to 153,300 cars. Sales of fully electric vehicles rose 12% and accounted for 24% of total sales. Production of the fully electric EX60 started during the quarter, with customer deliveries expected soon. For the full year, Volvo Cars expects volumes to improve, supported by the EX60.
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