In the fourth quarter of 2023, the company saw revenue growth of 4% to SEK109.4 billion (US$10.55 billion), while operating income increased by 59% to SEK5.4 billion (US$520.7 million). Fully electric car sales made up 16% of the total for the period, down from 18% in the same quarter of 2022.

In the full year results, Volvo Cars saw operating income fall by 11% to SEK19.9 billion (US$1.92 billion). Fully electric car sales made up 16% of total sales, up from 11% in 2022.

The company noted that 2023 marked the highest full-year retail sales, revenues and operating profit in its 97-year history.

This included an all-time sales record of 708,716 cars. The company sold 113,419 electric cars in the year, up by 70% on 2022. Against the previous year, Volvo also increased its global electric market share by 34%.

Volvo Cars also announced recently that it will stop funding Polestar, handing over control to partner Geely Holdings.