Operating income (EBIT) for the period was SEK6 billion (US$613.77 million), while EBIT margin was 8.1%. EBIT margin excluding share of income from joint ventures and associates was 7.9%.

The company sold a total of 148,295 cars in the period with supply constraints reported to be easing. However, Volvo Cars experienced a supply shortage for a specific component towards the end of the quarter which it reports will affect production in the second quarter.

The company still expects marginal sales growth in the full 2022 year and expects this production setback to improve in the second half of the year. The company has reported its first quarter results as stable despite impacts from Covid-19 in Asia and the war in Ukraine.

Its electrified car share of sales continues to rise, making up 34% of the total in the first quarter, with fully electric cars taking 8% of the total, doubling the result over two quarters. The company expects this trend to continue as it expands its electric car production capacity to 150,000 units after the Summer.

Jim Rowan, CEO of Volvo Cars, said: “In the first few months of 2022, the war in Ukraine has destroyed lives and displaced millions of innocent people. The same war has also sent already rising inflation to new heights and further disrupted supply chains that were already fragile. When summarising Volvo Cars’ performance during this first quarter, I am incredibly pleased that we have delivered such stable results.”