Kvartalsrapport Q1 2024

===== SIDA 1 =====

VOLVO CAR GROUP
INTERIM REPORT FIRST QUARTER 2024
For life. 
To give people  
freedom to move  
in a personal, 
 sustainable and 
safe way.

===== SIDA 2 =====

VOLVO CAR GROUP
• Retail sales increased by 12% and reached 182.7 (162.9) 
thousand cars.
• Revenue amounted to SEK 93.9 (95.7) bn, and was 
impacted by lower contract manufacturing sales, as well 
as negative foreign exchange rate effects.
• EBIT excluding share of income in JVs and associates 
was SEK 6.8 (6.3) bn, supported by higher volume and 
lower material costs, partially offset by sales mix and pric -
ing. Operating income (EBIT) was SEK 4.7 (5.1) bn.
• EBIT margin excluding share of income in JVs and associ -
ates was 7 .2 (6.6)%. EBIT margin was 5.0 (5.3)%.
• Basic earnings per share was SEK 1.12 (1.21).
• Operating and investing cash flow was SEK –12.2 (–17. 4)  
bn.
• Volvo Cars and the European Investment Bank (EIB) 
signed credit facility agreements of EUR 170 m to 
develop a new all-electric vehicle platform.
• Winfried Vahland left the Board of Directors to assume a 
board of directorship in Polestar.
• On 26 March, the AGM resolved, in accordance with the 
Board of Directors’ proposal, to distribute 62.7 per cent 
of Volvo Cars’ shareholding in Polestar to Volvo Cars’ 
shareholders. The AGM decision was pending a final 
 formal approval from UK regulators.
• On 5 April, the Board of Volvo Cars decided on the final 
terms and timetable for the distribution of 62.7 per cent 
of its Polestar shareholding to its shareholders. Prior to 
the decision, Volvo Cars had received all necessary regu -
latory clearances, approvals and decisions. After the dis -
tribution, the remaining shareholding in Polestar will be 
18.0 per cent.
JANUARY–MARCH 2024
UPDATES AFTER THE PERIOD FORWARD LOOKING
3 Months 12 Months
SEKbn unless otherwise stated
Jan–Mar 
2024
Jan–Mar 
2023 ∆% LTM
Full year 
2023
Retail sales, k units 1) 182.7 162.9 12 728.5 708.7
Revenue 93.9 95.7 –2 3 97. 5 399.3
Research and development expenses 2) –3.8 –2.9 33 –13.8 –12.9
Operating income (EBIT) 3) 4.7 5 .1 –8 19.5 19.9
EBIT excl. share of income in JVs and associates 3) 6.8 6.3 8 26.0 25.6
Net income 2) 3.6 4.0 –10 13.7 14.1
Basic earnings per share, SEK 2) 1.12 1.21 –7 4.29 4.38
EBITDA 3) 10.1 9.2 10 38.3 37. 4
Cash flow from operating activities 2) –0.9 –2.4 –61 44.3 42.9
Cash flow from investing activities 2) –11. 3 –15 .1 –25 –48.0 –51.8
Gross margin, % 3) 19.3 17. 9 8 19.7 19.4
EBIT margin, % 3) 5.0 5.3 –6 4.9 5.0
EBIT margin excl. share of income in JVs and associates, %3) 7. 2 6.6 10 6.6 6.4
EBITDA margin, % 3) 10.8 9.6 12 9.6 9.4
1)  Non-financial operating metric.
2)  IFRS measure. 
3)  Non-IFRS measure (alternative performance measure), see Alternative performance measures on page 25.
• For 2024, Volvo Cars expect a higher year-over-year 
growth rate in retail sales than in 2023, provided there 
are no major disruptions. Supported by our newly 
launched cars we are expecting to considerably increase 
the share of fully electric cars versus 2023.
2 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 3 =====

VOLVO CAR GROUP
Dear shareholders and other members of our Volvo Cars 
 community, 
We have had a strong start to the year, with our first quarter 
results laying solid foundations for the year ahead. We reported 
double-digit retail sales volumes growth during the quarter and 
set a new all-time sales record for a single month in March. We 
continued to ramp up production and customer deliveries of 
our smallest SUV, the fully electric EX30. Our operating profit 
margin, excluding joint ventures and associates, reached a 
solid 7.2 per cent on the back of improved gross margins on 
our fully electric cars (EVs) of 16 per cent. The share of EVs to 
sales reached 21 per cent, up from 18 per cent last year. We 
also secured shareholder support to divest a majority of our 
shareholding in Polestar, allowing us to fully focus on the core 
operations of Volvo Cars.
At the same time, we started production of our first ever fully 
electric MPV, the EM90, while setting the stage for the first 
EX90 SUVs to roll off the production line during the first half of 
the year. We also remain focused on costs and capital alloca -
tion to ensure healthy cash and liquidity. I am confident that 
these actions will make 2024 another milestone year in our 
ongoing transformation towards becoming a leader in next-  
generation mobility.
In a turbulent and uncertain world, our strong and differenti -
ated brand focused on safety, sustainability and human centric 
technology, coupled to our balanced product portfolio, contin -
ued to resonate with customers around the world. The result 
was a strong business performance with continued momen -
tum and growth.
Strong retail sales deliver solid financials
During the first quarter, retail sales rose by 12 per cent year-
on-year to 182,687 cars, with a new all-time sales record for a 
single month in March. A strong performance in Europe and 
the US contributed to our sales growth, and we recorded new 
sales records for the first quarter in 11 markets, including in 
Germany, France, the Netherlands, Canada and Turkey. This 
demonstrates that we are on track towards our annual sales 
volumes target of at least 15 per cent growth in 2024. 
Strong business performance with 
continued momentum
In the quarter, 41 per cent of our global volume consisted of 
plug-in hybrid and fully electric cars, while our EV share of 
sales rose to 21 per cent. This reflects our balanced premium 
product strategy that offers exciting EVs alongside attractive 
plug-in and mild hybrids. In Europe, we were the third largest 
brand in EV sales, while our XC60 plug-in hybrid was the 
best-selling plug-in hybrid in the region during the first quarter.
Our first quarter performance also demonstrates the pros -
pects of the EX30. In only a few months, the EX30 has lived 
up to its promise of being a profitable growth driver for our 
business while collecting numerous awards – most recently it 
won the 2024 World Urban Car of the Year and the Red Dot 
‘Best of the Best’ Design award. In the first three months, 
thousands of customers across Europe got behind the wheel, 
with many more in line as we start delivering EX30 cars in 
other countries as well like the US, China, South Korea and 
Canada in the coming weeks and months. This means by the 
end of this year, EX30 will be sold in over 90 countries.  
Along with the EX30, we have now also started producing 
the EM90 for China with the first customer deliveries made in 
March. During the first half of the year, we will also start pro -
duction of the EX90 flagship SUV. This means that we will 
bring three EV models with our newest technologies in three 
different segments to the market in 2024. At the same time, 
we will offer very attractive plug-in hybrids and mild hybrids for 
years to come, as part of our balanced premium product strat -
egy. We have updated several of those models recently and will 
continue to do so.
“ We realised a strong business 
performance with continued 
momentum and growth”
3 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 4 =====

VOLVO CAR GROUP
However, our focus is not only on delivering the best EVs with 
the latest technologies, but to do so with solid margins. During 
the first quarter, gross margins on our EVs improved to 16 per 
cent versus 7 per cent in the same quarter last year, which is 
among the best in the industry. This reflects the strength of the 
EX30, which brings in gross margins of 15–20 per cent, but 
also improved margins on the EX40 and the EC40. We will 
continue to work diligently to further close the margin gap with 
combustion engine-powered cars.
Helped by our sales performance, Q1 revenue came in at 
SEK 93.9 billion, compared to SEK 95.7 billion in the first 
quarter of 2023. Revenue was affected primarily due to less 
contract manufacturing. In addition, some foreign exchange 
effects as well as a sales mix that now includes the EX30 also 
affected revenues, although we maintained a healthy price 
 discipline.
Our operating profit (EBIT) excluding joint ventures and 
associates landed at SEK 6.8 billion, an increase of 8 per cent 
versus the same period in 2023. The corresponding EBIT mar -
gin came in at 7.2 per cent, up from a margin of 6.6 per cent 
versus Q1 last year.
Our free cash flow in the quarter came in as planned at –12 
bn SEK due to increased production and build-up of EX30 
inventory, in addition to usually seasonally lower cash flow in 
Q1. We continue to focus on internal efficiency and take cost 
actions where we can, while ensuring capital allocation across 
our business to support our investments. As a result, we 
expect free cash flow generation to be neutral in 2024 and 
2025. From 2026 onwards, we expect to deliver strong cash 
flows as the scale of investments declines and we start reaping 
the long-term benefits of our strategy with higher revenue and 
profitability.
Volvo Cars shareholders recently also approved our plan to 
lower our shareholding in Polestar to 18 per cent from 48 per 
cent during our third annual meeting of shareholders as a listed 
company. As previously communicated, this is a good and nat -
ural moment for a transition of our relationship with Polestar.  
It allows us to fully focus on our own investment plans, while 
Geely has expressed they will take full responsibility for contin -
ued operational funding for Polestar going forward. However, 
 the close collaboration between Polestar and Volvo Cars in 
 various areas will continue to the benefit of both companies. 
Another highlight of the quarter was the reveal of our sharp -
ened sustainability strategy. Among other parameters, we are 
boosting our focus on biodiversity and aim to link all debt to 
our green financing framework by 2025. We remain commit -
ted to being climate neutral and reaching net zero greenhouse 
gas emissions by 2040. 
Already during the first quarter of the year, our CO 2 emis-
sions per car were 25 per cent lower versus our 2018 bench -
mark. Our factory in Taizhou became our first climate-neutral 
plant in China during the quarter. Following our  Torslanda 
plant, which achieved this status in 2021, this is another 
important step towards our goal of having climate-neutral 
manufacturing operations by 2025.
Looking ahead 
We expect demand for our cars to remain robust in coming 
quarters in line with our guidance of full-year sales volumes 
growth of at least 15 per cent. This is borne out by our balanced 
premium product portfolio and the fact that we continue to set 
new sales records in several markets across several regions. We 
also expect cash flow to improve in coming quarters, with a view 
to us being cash-neutral for the full year. 
We remain firmly focused on achieving profitable growth and 
we expect 2024 to be another solid year after the record year of 
2023. At the same time, we are mindful that the external environ-
ment continues to be challenging. Geopolitical uncertainties and 
macroeconomic headwinds remain. Yet I believe our mixed prod-
uct portfolio of both fully electric cars and world class plug-in and 
mild hybrids, along with our increased focus on cost actions, will 
help us navigate these headwinds.
All of this positions us to achieve our ambitions of posting 
 revenues of between SEK 550–600 billion and an EBIT margin 
above 8 per cent during 2026. I look forward to discussing those 
ambitions in more detail at our annual Capital Markets Day, 
scheduled for 5 September.
To conclude: our strategic planning and execution are working 
well and our  balanced strategy positions us to deliver on our 
transformation journey, as it allows us to react to changing 
 market demands quicker than many of our competitors.
Our balanced strategy is focused on 5 areas:
• Product – we have cars in many sizes and segments: 30, 
40, 60 and 90 range, SUVs, sedans, wagons and MPVs to 
meet the various needs of our global customer base.
• Propulsion – we have mild hybrids, plug-in electric hybrids 
and fully electric cars.
• Production – we have manufacturing facilities in every 
region: Asia, Europe and the USA. This aspect has become 
more important as trade environments continue to change 
across the world.
• Pricing – we have maintained balanced price discipline 
across our various model choices, via our Core, Ultra or Plus 
variants.
• Partnerships – we have carefully balanced our investment 
choices between internal development and building key 
partnerships with some of the world’s leading tech compa -
nies, such as NVIDIA, Qualcomm, Google and Apple. We 
have also developed a strong retail and service dealership 
structure in all regions, with over 2,200 retail partners 
across the globe.
This balanced approach to our strategy has been created over 
many years and it positions us well globally. It is a key aspect 
towards continued growth. As I have said many times over my 
career: business is not a game of perfection, it is a game of 
 continuous progress. This balanced strategy allows for that.
Throughout our 97-year history, everything we do has 
remained firmly rooted in our four brand pillars of safety, sus -
tainability, human-centric technology and Scandinavian design, 
and this has taken us to where we are today. With these founda-
tions we will continue to invest in the talent and technologies 
that will allow us to become a leader in next-generation mobility.
Jim Rowan  
Chief Executive, Volvo Cars 
4 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 5 =====

VOLVO CAR GROUP
Volvo EX30 named 2024 World Urban Car
The fully electric Volvo EX30 was awarded the title of 2024 
World Urban Car at the New York International Auto Show in 
March. The model was also named as one of the top three 
cars in the world out of a list of 38 nominees. Since the 
reveal in June 2023 the EX30 has won more than 15 major 
awards and proven to be a strong addition to the Volvo Cars’ 
product portfolio.
Volvo Cars’ industry-first connected safety technology
During the quarter, Volvo Cars introduced a pioneering con -
nected safety feature: for the first time, cars can alert drivers 
of accidents ahead directly using real-time data from a traffic 
management centre. The Accident Ahead Alert feature is 
currently available in Denmark on all 40, 60 and 90 series 
Volvo car models, from model year 2016 and onwards. It will 
be made available on the same car models in more European 
markets soon.
Volvo Cars has streamlined model names to aid customer 
transparency
The fully electric XC40 Recharge and C40 Recharge models 
have been renamed to EX40 and EC40 respectively, to 
seamlessly fit in with the other fully electric Volvo car mod -
els: the EX30, EX90 and EM90. The XC40 name remains 
for internal combustion-powered variants of the model.
Volvo Cars partners with Breathe for next generation fast 
charging
Volvo Cars, through the Volvo Cars Tech Fund, has partnered 
up with Breathe Battery Technologies (Breathe), becoming 
the first car company to get access to the latest version of its 
patented, algorithm-enabled charging software. The aim is 
for the new technology to be implemented in our new gener -
ation fully electric cars, where it is expected to reduce the 
time it takes to charge a fully electric Volvo from 10 to 80 
per cent charging state by as much as 30 per cent, while 
maintaining the same energy density and range.
Quarterly highlights
Operational progress
Our industry is changing, and we strive to be a leader in that change. The purpose of this section is to keep our stakeholders 
updated on the operational events that have taken place during the quarter.
FULL ELECTRIC SALES
The battery electric car volume share was 21% in the quar -
ter, which was a 3% increase from the share in the same 
quarter last year. Total electrified sales share was flat at 41% 
compared to the same period last year. Supported by our 
new car introductions, retail orders remained stable at a 
global level. 
Denmark, Brazil, Thailand, Ireland, Colombia and Iceland all 
had 100% electrified sales in the quarter, closely followed by 
Norway, Finland and a few other markets.
Spaltbredd 82mm
Q1 Q2 Q1 Q4 Q1Q3Q2Q4Q3
2022 2023 2024
%
0
5
15
10
20
25
45
40
35
30
% Share of BEVs & PHEVs to total volume
PHEV BEV
AMBITIONS
2025
40% 
CO2 REDUCTION
PER CAR
2026
550–600 
REVENUE  
(SEK BN)
2025
50% 
FULLY ELECTRIC  
SALES
1) excl. JVs & associates. 
2026
ABOVE  8%
EBIT  
MARGIN 1)
5 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 6 =====

VOLVO CAR GROUP
BEV/Non-BEV profitability and share of investments
Compared to the first quarter of 2023 the fully electric new 
car gross income per unit has been positively affected mainly 
by lower costs for raw materials, increased pricing and cost 
efficiencies. The gross margins for BEV cars also improved 
compared to the fourth quarter 2023. This was mainly due 
to a further decline of raw material costs and from the intro -
duction of EX30.  
Jan–Mar 2024 Full year 2023
BEV
Non-
BEV
Com-
mon BEV
Non- 
BEV
Com-
mon
Retail sales (k units) 38 145 — 113 595 —
Revenue per Car 
(SEKk/unit) 1) 416 428 — 465 440 —
Gross Income per Car 
(SEKk/unit) 1) 67 107 — 40 103 —
Gross Margin (%) 16 25 — 9 23 —
Share of Investing 
Cash Flow (%)2) 68 8 24 68 6 26
 
1)  Revenue and gross income refer to new cars including emissions  
credits, excluding after sales,  subscription and foreign exchange 
hedge effect. Labour and overhead are set to standard cost and fixed 
manufacturing costs are distributed by volume.
2)  Investments refer to plant, property, equipment and capitalised  
product development only. Common investments are not defined as 
either BEV or non-BEV investments and consist of manufacturing 
efficiency, replacements & maintenance and infotainment  
development.
Sustainability
In January, we released our updated sustainability strategy 
with ambitious goals for 2030 and 2040, including CO 2 
emission reduction, energy, waste and water reduction in 
own operation and ambition to increase the recycled content 
across our fleet.
In the first quarter of 2024, we produced our last diesel- 
powered car – a significant milestone in our company’s 
97-year-old history. It will also be key in helping us reach our 
ambitions of reducing our CO 2 emissions per car by 40% by 
2025 and 75% by 2030, compared to the 2018 base year. 
For the full year of 2023, we reached a reduction of 20%. 
And for the first quarter of 2024, our efforts have resulted in 
a 25% reduction. We are making good progress towards our 
ambitions and acknowledge that our electrification plan is 
critical to this.
In March the EX30’s LCA (Life Cycle Analysis) was pub -
lished, which revealed that the car has the lowest carbon 
footprint of any fully electric Volvo to date (over 200,000 
kms of driving and using the same energy mix  during the use 
phase).
CO2-reduction 
per car
Total CO 2-emissions 
per car (tonnes) Reduction (%)
2018 54.9 —
2024 Jan–Mar1) 41.0 –25
2025 ambition 32.9 –40
2030 ambition 13.7 –75
2040 ambition 0 Net zero GHG emissions
1)   The greenhouse gas emissions (GHG) results did not include  
production and distribution of fuel and electricity.
We also made progress in our use of on-site renewable 
energy generation with the activation of the first batch of 
solar panels at our Chengdu plant, which have a capacity of 
approximately 2.1 GWh per year. A second batch is expected 
in early 2025, adding another 2.4 GWh of annual capacity. 
These sustainability-focused investments will lead to both 
environmental and cost benefits. In January, we expanded 
our green financing portfolio by signing a credit facility with 
the European Investment Bank of EUR 170 m, which 
together with the agreement signed in December 2023 
takes the total to EUR 420 m. This supports our ambition to 
transfer all our funding into green or sustainability-linked 
funding by 2025 and provides us with the ability to fund our 
investments in green technology.
0
40
30
10
20
50
60 55 54 52 50
47
44
41
33
25%
Target
CO 2  reduction (tonnes/car)
Actual
2018 2019 2020 2021 2022 2023 2024
Jan–Mar
2025
Ambition
40%
6 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 7 =====

VOLVO CAR GROUP
SALES AND MARKET DEVELOPMENT
The overall global passenger car market grown slightly year 
over year during the first quarter of 2024 with regional 
 differences. The BEV segment continues to grow at a faster 
pace than the overall market. 
Volvo Cars’ retail sales increased by 12% compared with 
the first quarter of 2023. Wholesales increased by 14% and 
production increased by 30%. The growth in retail sales was 
mainly driven by a successful roll out of EX30 supporting an 
increased production rate, with the first quarter marking the 
strongest production quarter ever with 235 (181) thousand 
cars produced. 
The production volume development of the automotive 
markets is likely to stay at a similar level as last year accord -
ing to S&P Global. As global supply situation eases, this will 
be largely determined by the consumer demand.
For Volvo Cars globally the overall demand for our cars 
remained robust. EM90, the fully electric MPV, started pro -
duction and customer deliveries in China. With the ramp-up 
of EX30, Volvo Cars’ share of BEV and PHEV combined was 
41%, whereof BEV share was at a record 21 (18)%.
Volvo Cars’ market share per  
propulsion type 1) 2)
Jan–Feb 
2024
Jan–Feb 
2023
BEV 1.73% 1.63%
PHEV 4.31% 5.85%
ICE (incl. mild hybrids) 0.76% 0.68%
Total 1.08% 0.97%
Total industry volume share and
growth by propulsion type 1) 2)
Jan–Feb 
2024
Growth 
YoY
BEV 13% 31%
PHEV 6% 49%
ICE (incl. mild hybrids) 81% 0%
Total 100% 4%
1)  Volvo Cars is and will continue to be positioned in the premium seg -
ment of the automotive market. As the market is transforming with 
electri  fication and digitalisation the definition of premium is being 
redefined. To simplify and to avoid the risk of excluding important parts 
of the market, we will report our market share in relation to the global 
passenger market. 
2)  Source: Includes content supplied by S&P Global Mobility Industry 
Performance, February 2024, capturing more than 85% of total world 
sales. All rights reserved. 
First quarter financial summary
Europe
The overall European passenger car market increased by 5%, 
while the BEV segment increased by 4%. The overall 
demand remains robust, although there are variances 
between different countries.
Volvo Cars’ gained market share with retail sales increas -
ing by 23%. The share of BEVs and PHEVs accounted for 
61 (62)% in the quarter, whereof BEV sales accounted for 
35 (29)% of retail sales.
China
The total Chinese passenger car market increased by 16%, 
while the BEV segment increased by 19%. The competition 
in the Chinese car market continued to be strong, with new 
domestic EV brands gaining attractions.
Volvo Cars’ retail sales increased by 4%. BEV and PHEV 
share combined accounted for 6 (1 1)% in the quarter, 
whereof BEV sales accounted for 2 (3)% of retail sales.  
US
The total US passenger car market increased by 5% while 
the BEV segment increased by 14%. The market has seen 
an increase in incentives as it is normalising after the past 
years’ supply chain disturbances.
Volvo Cars’ gained market share with retail sales increas -
ing by 17%. BEV and PHEV share combined accounted for 
26 (29)% in the quarter, whereof BEV sales accounted for 3 
(1 1)% of retail sales.
Other markets
Volvo Cars’ retail sales in other markets decreased by –12%. 
The largest markets were Turkey (+54%), Japan (–22%) and 
South Korea (–25%). The share of BEV and PHEV sales 
combined in other markets was 40 (40)%, whereof BEV 
accounted for 22 (19)%.
Sales development per carline
The SUVs, comprising of Volvo Cars’ XC and EX models, 
accounted for 82 (82)% of total sales, driven by the best 
selling models XC60 and XC40. During the first quarter, the 
ramp-up of sales and retail deliveries of the EX30 continued, 
after the first cars reached customers during the previous 
quarter. The Sedan and Wagon segments’ share of total 
sales amounted to 12 (1 1)% and 6 (7)% respectively. 
7 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 8 =====

VOLVO CAR GROUP
3 Months 12 Months
Retail sales (k units)
Jan–Mar  
2024
Jan–Mar  
2023 ∆% RTM 2023 ∆%
Europe 89.7 72.6 23 311. 8 294.8 6
China 38.0 36.5 4 171.6 170.1 1
US 31.0 26.5 17 133. 2 128.7 3
Other 24.1 27. 3 –12 111. 9 115 .1 –3
Retail sales total 182.7 162.9 12 728.5 708.7 3
Electrified cars 75.0 67. 4 11 273.6 266.0 3
 whereof BEVs 38.2 30 .1 27 121.5 113 . 4 7
Electrified cars share 41% 41% 38% 38%
 whereof BEV share 21% 18% 17% 16%
Wholesales 198.4 174.1 14 756.5 732.3 3
Production volume 235.5 181.1 30 820.7 766.7 7
3 Months 12 Months
Top 10
Retail sales by market (k units)
Jan–Mar  
2024
Jan–Mar  
2023 ∆% RTM 2023 ∆%
China 38.0 36.5 4 171.6 170.1 1
USA 31.0 26.5 17 133. 2 128.7 3
Germany 15 .1 10.3 46 50.3 45.5 10
UK 13.6 11. 8 15 51.9 50.1 4
Sweden 10.7 9.3 14 42.3 41.0 3
Netherlands 8.4 4.8 74 19.8 16.3 22
Belgium 6.9 5.9 18 24.9 23.9 4
Italy 6.6 4.8 36 20.9 19.2 9
France 5.5 3.7 48 17.1 15.3 12
Poland 5.0 3.7 35 13.6 12.3 11
3 Months 12 Months
Retail sales by model (k units)
Jan–Mar  
2024
Jan–Mar  
2023 ∆% RTM 2023 ∆%
BEV
EX40 17. 4 21.1 –18 71.9 75.7 –5
EX30 14.5 — — 15. 2 0.6 —
EC40 6.0 9.0 –33 34.2 37.1 –8
EM90 0.2 — — 0.2 — —
Non-BEV
XC60 56.4 50.1 12 234.9 228.6 3
XC40 29.0 28.9 — 125 .1 125.0 —
XC90 26.3 24.4 8 109.5 107. 5 2
S60 10.9 8 .1 35 43.0 40.2 7
S90 10.8 10.4 4 49.7 49.3 1
V60 8.8 7.7 14 31.5 30.4 3
V90 2.3 3.2 –27 13.4 14.2 –6
Total 182.7 162.9 12 728.5 708.7 3
V60 and V90 include the cross-country versions.
8 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 9 =====

VOLVO CAR GROUP
INCOME AND RESULT
The comparative figures refer to the consolidated income 
statement of the first quarter 2023 if not otherwise stated.
Volvo Cars’ revenue amounted to SEK 93.9 (95.7) bn. 
Wholesale volumes increased by 14% to 198.4 (174.1)  
thousand cars, resulted in a SEK 4.5 bn increase in revenue. 
The revenue was impacted by decreased contract  
manufacturing sales, amounting to SEK –4.3 bn, as well as 
negative foreign exchange rate effects, including hedges, of 
SEK –2.1 bn. See complete revenue bridge below. 
Gross income increased by 6% to SEK 18.1 (17 .1) bn, 
resulting in a gross margin of 19.3 (17 .9)%. The gross  
margin increased mainly due to lower costs for raw  
materials. Foreign exchange rate effects, including hedges, 
in cost of sales were positive amounting to SEK 1.7 bn. The 
net effect of foreign exchange rates, including hedges, in 
gross income was negative and amounted to SEK –0.4 bn.
Research and development expenses increased by 33% to 
SEK –3.8 (–2.9) bn, primarily relating to more projects  
starting amortisation phase. For details regarding research 
and development expenses, see the Research and  
development table on page 10. Selling expenses remained 
consistent with the prior year and amounted to SEK –5.8 
(–5.8) bn. Similarly, administrative expenses amounted to 
SEK –2.8 (–2.8) bn. 
Other operating income and expenses increased by 71% 
to SEK 1.1 (0.6) bn mainly related to positive exchange rate 
effects from the valuation of operating assets and liabilities. 
Share of income in joint ventures and associates decreased 
to SEK –2.1 (–1.2) bn.
Operating income (EBIT) excluding share of income in 
joint ventures and associates, increased to SEK 6.8 (6.3) bn, 
corresponding to a margin of 7 .2 (6.6)%, supported by 
higher volume as well as lower material cost. EBIT amounted 
to SEK 4.7 (5.1) bn, resulting in an EBIT margin of 5.0 
(5.3)%. The exchange rate effects, including hedges, had a 
positive impact on EBIT of SEK 0.4 bn, see the table below.
Net financial items increased to SEK 0.4 (0.3) bn,  
primarily driven by the market revaluation of the investments 
in Volvo Cars Technology fund. The effective tax rate 
increased to 29.6 (26.2)%, mainly due to high non-tax 
deductible loss linked to share of income in joint ventures 
and associates. Net income was SEK 3.6 (4.0) bn and 3.8 
(4.2)% in relation to revenue. Basic earnings per share 
amounted to SEK 1.12 (1.21).
Changes to Revenue, SEK bn Jan–Mar
Revenue Q1 2023 95.7
 Volume 4.5
 Sales mix and pricing –1.9
 Sale of licences 0.3
 Foreign exchange rates –2.1
 Contract manufacturing –4.3
 Other1) 1.7
Revenue Q1 2024 93.9
Change, % –2
1) Including used cars and parts and accessories. 
Changes to Operating income, SEK bn Jan–Mar
EBIT Q1 2023 5.1
 Volume 1.1
 Sales mix and pricing –2.0
 Sale of licences 0.2
 Foreign exchange rates 0.4
 Share of income in JVs and associates –0.9
 Other 2) 0.8
EBIT Q1 2024 4.7
Change, % –8
2)   Mainly including cost efficiencies, used cars, and parts and  
accessories. 
9 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 10 =====

VOLVO CAR GROUP
0
60
50
40
20
30
10
70
80
120
110
100
90
60%
55%
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Q2 Q3
2021 2022 2023 2024
Q4 Q1 Q2 Q1 Q4 Q1Q3Q2Q4Q3
Revenue, SEKbn Gross margin, %
Revenue & Gross Margin
0
10
8
4
6
2
12
16
14
0%
10%
8%
4%
6%
2%
12%
16%
14%
Q2 Q3
2021 2022 2023 2024
Q4 Q1 Q2 Q1 Q4 Q1Q3Q2Q4Q3
Operating income (EBIT), SEKbn
EBIT margin excl. share of 
income in JV’s & associates, %
Operating Income (EBIT) & EBIT Margin
Operating income (EBIT) excl. share of 
income in JV’s & associates, SEKBn
EBIT margin, %
3 Months Full year
Research and development, SEKm
Jan–Mar  
2024
Jan–Mar  
2023 ∆% 2023
Research and development spending –6,404 –6,504 –1.5 –26,943
Capitalised development costs 4,649 4,786 –2.9 18,912
Amortisation of research and development –2,072 –1,160 78.6 –4,853
Research and development expenses –3,827 –2,878 33.0 –12,884
10 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 11 =====

VOLVO CAR GROUP
CASH FLOW
The comparative figures for the cash flow items refer to the 
consolidated cash flow statement for the first quarter 2023 
unless otherwise stated. The comparative figures for the  
balance sheet items refer to the consolidated balance sheets 
of December 31, 2023 unless otherwise stated.
Total cash and cash equivalents, including marketable  
securities, decreased to SEK 46.1 (57 .8) bn. Net cash 
decreased to SEK 14.8 (27 .5) bn. Liquidity amounted to 
SEK 65.9 (75.0) bn, including undrawn credit facilities of 
SEK 19.8 (17 .2) bn.
 
Cash flow from operating activities 
Cash flow from operating activities amounted to SEK –0.9 
(–2.4) bn. The amount consists of operating income of SEK 
4.7 (5.1) bn, adjusted for depreciation and amortisation of 
SEK 5.4 (4.1) bn, together with paid income tax of SEK –0.9 
(–1.2) bn.
The change in working capital amounted to SEK –12.1 
(–1 1.1) bn. Cash flow from changes in inventories amounted 
to SEK –13.7 (–3.9) bn mainly due to seasonality but also 
due to increased ramp up of EX30 and cars under  
repurchase contracts. The latter is also the main driver to the 
movements in account receivables SEK –6.7 (4.2) bn and to 
other working capital SEK 10.0 (–2.9) bn, together with 
changes in VAT receivables.
Cash flow from investing activities
Cash flow from investing activities amounted to SEK –1 1.3 
(–15.0) bn. Cashflow from investments in tangible assets 
amounted to SEK –5.6 (–6.0) bn, mainly driven by the 
industrial structure to prepare for future products.  
Investments in intangible assets amounted to SEK –5.1 
(–5.5) bn as a result of continuous investments in new and 
upcoming car models and new technology, such as  
electrification technology and autonomous driving.
Cash flow from financing activities 
Cash flow from financing activities amounted to SEK –0.3 
(3.9) bn. The changes last year was mainly related to a 
change in marketable securities of SEK 3.4 bn. 
–20
–4
–12
–8
–16
20
16
12
–20
–4
–12
–8
–16
20
16
12
0
8
4
0
8
4
Q2 Q3
2022 2023 2024
Q4 Q1 Q4 Q1Q3Q2
Total, SEKbn LTM, SEKbn
Cash flow from Operating and investing activities
*Rolling twelve months
3 Months Full year
Cash flow statement, SEK bn
Jan–Mar 
2024
Jan–Mar 
2023 2023
Cash flow from operating 
 activities –0.9 –2.4 42.9
Cash flow from investing 
 activities –11. 3 –15.0 –51.8
Cash flow from operating and 
investing activities –12.2 –17. 4 –9.0
Cash flow from financing activ -
ities –0.3 3.9 –5.3
Cash flow for the period –12.5 –13.5 –14.2
EQUITY
Total equity increased to SEK 134.2 (130.5) bn, resulting in 
an equity ratio of 36.3 (36.6)%. The change is mainly  
attributable to a positive net income of SEK 3.6 bn and 
minor effects in share-based payments and other  
comprehensive income.
The change in other comprehensive income is related to a 
foreign exchange translation effect, including hedges of net 
investments in foreign operations of SEK 1.2 bn (net of tax). 
Remeasurements of provisions for post-employment  
benefits had a positive effect of SEK 1.2 bn (net of tax). The 
negative change in cash flow hedge reserve related to cur -
rency and commodity price risks of SEK –2.3 bn (net of tax). 
The change in value of cash flow hedges is mainly due to 
depreciated SEK compared to most of the major currencies.
11 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 12 =====

VOLVO CAR GROUP
Other Information
PARENT COMPANY
The parent company does not conduct any operations and 
has no employees. The income statements and balance 
sheets for the parent company are presented on page 23.
EMPLOYEES
During the first three months 2024, Volvo Car Group 
employed 42.0 (43.4) thousand full-time employees (FTEs) 
and 3.7 (4.0) thousand agency personnel. These decrease 
are mainly due to the cost-efficiency initiatives started  during 
the first half of 2023.  
RISKS AND UNCERTAINTY FACTORS
To ensure that Volvo Cars is able to achieve short- and long-
term objectives, enterprise risk management is part of daily 
activities at Volvo Cars. For a more in-depth description of 
risks related to Volvo Cars, see the Volvo Car Group’s Annual 
Report 2023 page 51. We consider the risk and uncertainty 
factors to remain the same as described in the annual report 
except for the following update:
Macroeconomics and geopolitical uncertainty
The uncertain macro and geopolitical environment continue, 
including high inflation, elevated interest rates, raw material 
price volatility, ongoing geopolitical complexity and regula -
tory changes such as subsidies, tariffs and duties or applica -
tion of these by relevant authorities. The uncertainties in the 
financial markets are still high. The risks of potential impact 
on demand from higher interest rate levels and lower con -
sumer confidence, remain at an elevated level. 
12 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 13 =====

VOLVO CAR GROUP
13 OF 28
INTERIM REPORT FIRST QUARTER 2024
VOLVO CAR GROUP

===== SIDA 14 =====

Consolidated Income Statements
SEKm Note 
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
Revenue 2 93,878 95,705 399,343
Cost of sales –75 , 8 0 6 –78 ,60 6 –321,916
Gross income 18,072 17, 0 9 9 7 7, 427
Research and development expenses –3,827 –2,878 –12,884
Selling expenses –5,772 –5,789 –26,056
Administrative expenses –2,784 –2,765 –12,539
Other operating income and expenses 1,106 648 –381
Share of income in joint ventures and associates –2,089 –1, 215 –5,628
Operating income 4,706 5,10 0 19,939
Interest income and similar credits 681 499 2,495
Interest expenses and similar charges –444 –200 –772
Other financial income and expenses 3 155 –15 –802
Income before tax 5,098 5,384 20,860
Income tax –1, 511 –1,409 –6,794
Net income 3,587 3,975 14,066
Net income attributable to
Owners of the parent company 3,342 3 , 611 13,053
Non-controlling interests 245 364 1,013
Basic earnings per share (SEK) 5 1.12 1.21 4.38
Diluted earnings per share (SEK) 5 1.12 1.21 4.38
VOLVO CAR GROUP
14 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 15 =====

SEKm
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
Net income for the period 3,587 3,975 14,066
Other comprehensive income
Items that will not be reclassified subsequently to income statement:
Remeasurements of provisions for post-employment benefits 1,523 –324 –1, 815
Tax on items that will not be reclassified to income statement –318 115 424
Items that have been or may be reclassified subsequently to income statement:
Translation difference on foreign operations 1,578 248 –1, 240
Translation difference of hedge instruments of net investments in 
foreign operations –443 –118 131
Change in fair value of cash flow hedge related to currency and  
commodity price risks –2,972 81 1,976
Tax on items that have been or may be reclassified to income statement 704 7 –435
Other comprehensive income, net of income tax 72 9 –959
Total comprehensive income for the period 3,659 3,984 13 ,107
Total comprehensive income attributable to
Owners of the parent company 3,238 3,627 12,343
Non-controlling interests 421 357 764
3,659 3,984 13 ,107
Consolidated Comprehensive Income
VOLVO CAR GROUP
15 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 16 =====

Consolidated Balance Sheets
SEKm Note
31 Mar 
2024
31 Dec 
2023
ASSETS  
Non-current assets  
Intangible assets  74, 9 8 0 72,10 4
Tangible assets  89,952 8 4 ,113
Financial assets
 Investments in joint ventures and associates 4 13,024 14,142
 Other securities holdings 1) 3 12,496 11, 9 4 3
 Other interest-bearing receivables, non-current 1) 3 1,568 1,363
 Derivative assets, non-current 3 612 2,094
Deferred tax assets  11, 026 10,135
Other non-current assets 1) 3,644 3,513
Total non-current assets  207 ,302 199,407
Current assets
Inventories 72,684 57, 0 5 8
Financial assets
 Accounts receivable 1) 4 26,509 19,257
 Other interest-bearing receivables, current 1) 3 1,587 1,483
 Derivative assets, current 3 885 1,988
 Marketable securities 3 10,009 9,918
 Cash and cash equivalents 3 36,053 47, 8 61
Current tax assets 1,141 997
Other current assets 1) 13,450 18,393
Total current assets 162,318 156,955
TOTAL ASSETS 369,620 356,362
EQUITY & LIABILITIES
Equity
Equity attributable to owners of the parent company 129,641 126,371
Non-controlling interests 4,535 4 ,114
Total equity 13 4,176 130,485
Non-current liabilities
Provisions for post-employment benefits 6,083 7, 610
Provisions, non-current 8,464 7, 5 8 2
Financial liabilities
 Liabilities to credit institutions, non-current 3 4,626 4,562
 Bonds, non-current 3 12,907 18,087
 Derivative liabilities, non-current 3 569 424
 Lease liabilities, non-current 4,976 4,790
Contract liabilities to customers, non-current 8,663 8 ,14 8
Deferred tax liabilities 9,195 8,293
Other non-current liabilities 5,331 5,385
Total non-current liabilities 60,814 64,881
Current liabilities
Provisions, current 15 , 274 13 ,117
Financial liabilities
 Accounts payable 4 61,461 62,304
 Liabilities to credit institutions, current 3 958 937
 Bonds, current 3 12,638 6,660
 Other interest-bearing liabilities, current 1) 3 391 466
 Derivative liabilities, current 3 1,684 1,055
 Lease liabilities, current 1,345 1,242
Contract liabilities to customers, current 29,338 30, 817
Current tax liabilities 1,738 1,607
Other current liabilities 1)  4 49,803 42,791
Total current liabilities 174,630 160,996
TOTAL EQUITY & LIABILITIES 369,620 356,362
1)  In the first quarter 2024, Volvo Cars has changed the presentation of financial items. Presentation of the figures for 31 December 2023 have been 
adjusted accordingly. The change has no impact on EBIT. 
VOLVO CAR GROUP
16 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 17 =====

Consolidated Statement of Changes in Equity
SEKm
31 Mar
2024
31 Dec
2023
Opening balance 130,485 117, 278
Net income for the period 3,587 14,066
Other comprehensive income, net of income tax 72 –959
Total comprehensive income 3,659 13 ,107
Transactions with owners
Share-based payments 32 109
Change in the Group’s composition — –9
Transactions with owners 32 100
Closing balance 13 4,176 130,485
Attributable to
Owners of the parent company 129,641 126,371
Non-controlling interests 4,535 4 ,114
Closing balance 13 4,176 130,485
VOLVO CAR GROUP
17 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 18 =====

Consolidated Statement of Cash Flows
SEKm
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
OPERATING ACTIVITIES
Operating income 4,706 5,10 0 19,939
Depreciation and amortisation of non-current assets 5,418 4,129 17, 4 49
Dividends received from joint ventures and associates 3  4 88
Interest and similar items received 681 499 2,495
Interest and similar items paid –715 –276 –1,710
Other financial items –694 154 178
Income tax paid –869 –1, 243 –4,486
Adjustments for other non-cash items 2,674 332 6,087
 11, 2 0 4 8,699 40,040
Movements in working capital
Change in inventories –13,664 –3,932 –11, 3 41
Change in accounts receivable –6,670 4,178 4,750
Change in accounts payable –1,667 –8,948 –2,918
Change in provisions 969 711 –1,914
Change in contract liabilities to customers –1,10 0 –172 8,707
Change in other working capital 9,991 –2,916 5,543
Cash flow from movements in working capital –12 ,141 –11,079 2,827
Cash flow from operating activities –937 –2,380 42,867
INVESTING ACTIVITIES
Investments in shares and participations –546 –533 –1,151
Divestment in shares and participations — — –178
Loans to affiliated companies –45 – 3 ,114 –11, 9 9 0
Investments in intangible assets – 5,139 –5,545 –20,680
Investments in tangible assets –5,572 –5,962 –18,485
Disposal of tangible assets 38 85 642
Cash flow from investing activities –11, 26 4 –15,069 –51,842
Cash flow from operating and investing activities –12,201 –17, 4 4 9 –8,975
FINANCING ACTIVITIES
Proceeds from credit institutions 116 776 3,970
Proceeds from bond issuance — 1,500 1,500
Repayment of bond — –2,000 –2,000
Repayment of liabilities to credit institutions –188 — –673
Repayment of interest-bearing liabilities –420 –429 –1,747
Investments in marketable securities — –360 –10,792
Matured marketable securities 288 3,781 4 ,115
Other –140 638 376
Cash flow from financing activities –344 3,906 –5,251
Cash flow for the period –12,545 –13,543 –14,226
Cash and cash equivalents at beginning of period 47, 8 61 63,743 63,743
Exchange difference on cash and cash equivalents 737 123 –1,656
Cash and cash equivalents at end of period 36,053 50,323 47, 8 61
VOLVO CAR GROUP
18 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 19 =====

NOTE 1  – Accounting policies
This interim report has been prepared in accordance with IAS 34 – Interim Financial Reporting and the Swedish Annual 
Accounts Act (1995:1554), with the required disclosures made in the notes to the financial statements and elsewhere in the 
interim report. The Volvo Car Group applies International Financial Reporting Standards (IFRS) as endorsed by the European 
Union. The parent company applies RFR 2 – Reporting for legal entities and the Swedish Annual Accounts Act. The  
accounting principles in this report are, in all material aspects, consistent with those described in Volvo Car Group’s Annual 
Report 2023 (available at investors.volvocars.com). 
The IASB has published amendments to standards effective on or after 1 January 2024. These amendments have not had a 
material impact on the financial statements.
Critical accounting estimates and judgements – The Polestar Group
Polestar Automotive Holding Group has delayed the release date of its full year 2023 financial results. As such Volvo Car 
Group’s equity share in Polestar Automotive Holding Group is included with the 2023 preliminary unaudited financial results; 
and a forecast for this quarter aligned with normal reporting procedure.
 
NOTE 2  – Revenue
Revenue allocated to geographical regions:
SEKm
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
Europe 51,555 4 4,102 184,894
 of which Sweden1) 9,484 11, 574 47,029
 of which Germany 7 ,401 5,434 24,942
 of which UK 5,935 4,575 21,661
US 15,182 19,490 75,172
China 14,901 16,585 73,545
Other markets 12, 240 15,528 65,732
 of which South Korea 1,521 2,176 8,336
 of which Japan 1,359 2,286 7, 673
Total 93,878 95,705 399,343
Revenue allocated to category:
SEKm
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
Sales of new cars 73,937 73,875 3 07, 5 49
Sales of used cars 5,171 3 ,774 18,505
Sales of parts and accessories 9,487 8,671 37,170
Revenue from subscription, leasing and rental business 1,336 1,207 5,463
Sales of licences and royalties 251 — 798
Contract manufacturing 1,992 6,482 22,357
Emissions credits 185 186 910
Other revenue 1,519 1,510 6,591
Total 93,878 95,705 399,343
1) Includes the Contract manufacturing sales channel.
VOLVO CAR GROUP
19 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 20 =====

NOTE 3  – Financial instruments
Valuation principles and classification of financial instruments, as described in the Volvo Car Group’s Annual Report 2023, 
Note 21 – Financial instruments and financial risks and Note 22 – Marketable securities and cash & cash equivalents, have 
been applied consistently throughout the reporting period.   
The table below presents financial instruments by category and measurement level.
 
31 Mar 2024 31 Dec 2023
Measure -
ment level
Carrying 
value Fair value
Carrying 
value Fair value
Financial assets carried at fair value through profit or loss
Other securities holdings 1) 2 11,175 11,175 10,270 10,270
Other securities holdings 2) 3 1,218 1,218 1,507 1,507
Other securities holdings 2)6) 1 103 103 166 166
Derivatives for hedging of currency risk 2 172 172 411 411
Derivatives for hedging of commodity price risk 2 13 13 — —
Derivatives for hedging of interest rate risk 2 — — 4 4
Interest-bearing securities 3) 2 — — 50 50
12,681 12,681 12,408 12,408
Financial assets carried at fair value through profit or loss  
designated hedging instruments
Derivatives for hedging of currency risk 2 1,112 1,112 3,557 3,557
Derivatives for hedging of commodity price risk 2 200 200 110 110
1,312 1,312 3,667 3,667
Financial assets carried at amortised cost
Accounts receivable 6) — 26,509 26,509 19,257 19,257
Other non-current and current interest-bearing assets 6) — 3 , 1 5 5           3 , 2 5 4                  2,846 2 , 9 2 8   
Time deposits 4) — 11,171 11, 3 0 0 16,533 16,602
Cash and cash equivalents — 34,891 3 4 , 8 9 1     41,197 41,197
75,726 75,954 79,833 79,984
Financial liabilities carried at fair value through profit or loss
Derivatives for hedging of currency risk 2 157 157 56 56
Derivatives for hedging of commodity price risk 2 28 28 — —
Derivatives for hedging of interest rate risk 2 325 325 297 297
510 510 353 353
Financial liabilities carried at fair value through profit or loss  
designated hedging instruments
Derivatives for hedging of currency risk 2 1,375 1,375 865 865
Derivatives for hedging of commodity price risk 2 368 368 261 261
1,743 1,743 1,126 1,126
Financial liabilities carried at amortised cost
Accounts payable — 61,461 61,461 62,304 62,304
Non-current and current bonds and liabilities to credit institutions — 31,129 31,156 30,246 30,224 
Other non-current and current interest-bearing liabilities 5)6) — 15,932 15,932 8,727 8,727
108,522 108,549 101,277 101,255
1)  The value of the conversion option is nil connected to the convertible loan receivables to the Polestar Group.
2)  Equity instruments at level 3 includes earn-out rights in Polestar Group amounted to SEK — (577) m and unlisted warrants and earn-out rights in the 
listed company Luminar Technologies Inc (Luminar) amounted to SEK 12 (42) m. Changes in the unlisted share warrants and earn-out share rights in 
Luminar is recognised as other financial expenses in the income statement amounted to SEK –37 (57) m.
3)  Whereof SEK — (50) m are reported as cash and cash equivalents. 
4)  Whereof SEK 10,009 (9,918) m are reported as marketable securities in the balance sheet and SEK 1,162 (6,615) m are reported as cash and cash  
equivalents.
5)  Includes the repurchase value obligation on cars sold with repurchase commitment which are presented as other non-current and current liabilities in 
the balance sheet amounted to SEK 15,538 (8,258) m.
6)  The 2023 figures have been adjusted to reflect the reclassification of certain items in the balance sheet.
VOLVO CAR GROUP
20 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 21 =====

NOTE 4  – Related party transactions
Volvo Car Group has a close collaboration with its Related parties. The main part of the transactions is related to sales and  
purchases of cars, licences of technology, contract manufacturing and purchases of components. Related parties include 
 companies outside the Volvo Car Group, but within the Geely sphere of companies as well as other companies, such as  
associates and joint ventures. All transactions with related parties are performed at arm’s length. 
Significant events and agreements with Related parties during the first quarter
No significant events have occurred during the period.
Transactions with Related parties
Related party transactions are specified in below tables. The nature of significant transactions with related parties are  provided 
in the 2023 annual report, with no significant changes applicable during the quarter. 
Related party transactions specified below but not previously described in the annual report are sales to Volvo Car Financial 
Services UK Ltd, consisting mainly of sales of cars and purchases from Geely Changxing Automatic Transmission Co., Ltd, 
mainly related to gearboxes. 
Sales of goods, services and other
SEKm
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
Related companies 1)2) 2,937 7, 2 21 27, 25 3
 of which The Polestar Group 2,643 6,597 24,939
 of which Ningbo Fuhong Auto Sales Co., Ltd 121 399 1,467
Associated companies and joint ventures 1,488 385 2,705
 of which Volvo Car Financial Services UK Ltd 1,151 40 1,337
Purchases of goods, services and other
SEKm
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
Related companies 1)2) –17, 20 4 –7, 9 8 2 –33,519
 of which Zhejiang Geely Automobile Co.,Ltd –10,329 –18 – 3 ,169
 of which Powertrain Engineering Sweden AB (PES) –4,062 –2,988 –13,517
 of which Zhangjiakou Aurobay Powertrain Manufacturing Co., Ltd –867 –2,485 –7, 3 0 4
 of which Viridi E-Mobility Technology (Ningbo) Co., Ltd –379 –421 –2,079
 of which Geely Changxing Automatic Transmission Co., Ltd –379 –318 –1,420
 of which Ningbo Geely Automobile Research & Development Co., Ltd –173 –456 –1,592
Associated companies and joint ventures –682 –818 –2,958
Receivables 3) Payables 3)
SEKm
31 Mar
2024
31 Dec
2023
31 Mar
2024
31 Dec
2023
Related companies 1)2) 18,024 21,534 13,304 14,941
Associated companies and joint ventures 2,234 2,545 596 627
1)  Related companies are companies within the Geely sphere of companies. Joint ventures and associated companies within the Geely sphere are 
 presented as Related companies.
2)  Including contract manufacturing.
3)  Non-current part of assets amounts to SEK 12,495 (11,543) m. Non-current part of liabilities amounts to SEK 3 (4) m.
VOLVO CAR GROUP
21 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 22 =====

NOTE 5  – Earnings per share
Basic earnings per share, SEKm
Jan–Mar
2024
Jan–Mar
2023
Full year 
2023
Net income attributable to owners of the 
parent company 3,342 3 , 611 13,053
Net income attributable to owners of  
ordinary shares in the parent company 3,342 3 ,611 13,053
Weighted average number of ordinary shares  
outstanding, basic 2,979,524,179 2,979,524,179 2,979,524,179
Basic earnings per share, SEK 1.12 1.21 4.38
Diluted earnings per share, SEKm
Jan–Mar
2024
Jan–Mar
2023
Full year 
2023
Net income in basic earnings per share 3,342 3 , 611 13,053
Net income in diluted earnings per share 3,342 3 ,611 13,053
Weighted average number of ordinary shares  
outstanding, basic 2,979,524,179 2,979,524,179 2,979,524,179
Dilutive effect for share-based payment 
programmes 1,444,869 382,877 778,275
Weighted average number of ordinary shares 
outstanding, diluted 2,980,969,048 2,979,907 ,056 2,980,302,454
Diluted earnings per share, SEK 1.12 1.21 4.38
NOTE 6  – Significant events after the period
In the Annual Report 2023, Volvo Car Group informed about a potential adjustment to our shareholding in Polestar through a 
distribution of shares to Volvo Cars’ shareholders. On March 26, the AGM resolved, in accordance with the Board of Directors’ 
proposal, to distribute 62.7% of Volvo Cars’ shareholding in Polestar to Volvo Cars’ shareholders by way of a share split (2:1), a 
reduction of the share capital through redemption of shares, and an increase of the share capital through a bonus issue without 
issuance of new shares.
The AGM decision was pending a final formal approval from UK regulators regarding the distribution of Polestar shares to 
Volvo Cars’ shareholders. Since the relevant approvals were received, the Board of Volvo Cars decided on April 5 on the final 
terms and timetable for the distribution of 62.7 per cent of its Polestar shareholding to its shareholders.  The distribution and 
related transactions will take place during the second quarter of 2024 according to the estimated timeline. Volvo Cars will 
continue to account for Polestar using the equity method and change the shareholding from 48.3 to 18.0% around May 8th.
Additional information relating to financial effects and the estimated timeline can be found on the investor relations page on 
the Volvo Cars website. 
The section Risks and uncertainty factors on page 12 contains information on Volvo Cars’ assessments of the global  
environment on the Group.
VOLVO CAR GROUP
22 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 23 =====

Condensed Parent Company  
Income Statements
Condensed Parent Company
Balance Sheets
SEKm
Jan–Mar  
2024
Jan–Mar  
2023
Full year 
2023
Administrative expenses –12 –6 –30
Operating loss –12 –6 –30
Interest income and similar credits 442 332 1,452
Interest expenses and similar charges –233 –195 –825
Other financial income and expenses 1) –6 –6 2,979
Income before tax 191 125 3,576
Income tax –39 –26 –95
Net income 152 99 3,481
1) In December 2023, a dividend of SEK 3,000 m was received from subsidiary.
Other comprehensive income and net income are consistent since there are no items in other comprehensive income.
SEKm  
31 Mar  
2024
31 Dec 
2023
ASSETS
Non-current assets 37, 28 4 42,367
Current assets 32,351 25,999
TOTAL ASSETS 69,635 68,366
EQUITY & LIABILITIES
Equity
Restricted equity 61 61
Non-restricted equity 40,028 39,844
Total equity 40,089 39,905
Non-current liabilities 16,263 21,338
Current liabilities 13, 283 7,123
Total liabilities 29,546 28,461
TOTAL EQUITY & LIABILITIES 69,635 68,366
VOLVO CAR GROUP
23 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 24 =====

GENERAL DEFINITIONS
Volvo Cars and Volvo Car Group
Volvo Car AB (publ.) together with its wholly-owned  
subsidiary Volvo Car Corporation and its subsidiaries are 
jointly referred to as “Volvo Car Group” or “Volvo Cars”. 
Volvo Car AB (publ.), with its registered office in  
Gothenburg, Sweden, is a publicly listed company on the 
Nasdaq Stockholm Stock Exchange. The largest owner, 
holding 78.65% of shares and capital, is Geely Sweden 
Holdings AB, owned by Shanghai Geely Zhaoyuan  
International Investment Co., Ltd., registered in Shanghai, 
China, and ultimately owned by Zhejiang Geely Holding 
Group Ltd., registered in Hangzhou, China. 
Volvo Car AB (publ.) holds shares in its subsidiary Volvo 
Car Corporation and provides the Group with certain  
financing solutions. Volvo Car AB (publ.), indirectly through 
Volvo Car Corporation and its subsidiaries, operates in the 
automotive industry with business relating to design,  
development, manufacturing, marketing and sale of cars and 
thereto related services.
Associated companies
Associated companies are companies in which Volvo Car 
Group has a significant but not controlling influence, which 
generally is when Volvo Car Group holds between 20% and 
50% of the shares.
Joint venture companies (JVs)
Joint ventures refer to companies in which Volvo Car Group, 
through contractual cooperation together with one or more 
parties, has joint control over the operational and financial 
management and has rights to the net assets of the  
arrangement.
Retail sales
Retail sales refer to sales to end customers (including a 
 portion of cars used as customer loaner and demo cars) and 
is a relevant measure of the demand for Volvo Cars from an 
end customer point of view.
Wholesales
Wholesales refer to new car sales to dealers and other  
customers including rentals.
Europe
Europe is defined as EU (European Union) +EFTA (European 
Free Trade Association) + UK (United Kingdom). 
Passenger cars
Passenger cars are vehicles with at least four wheels, used 
for the transport of passengers, and comprising no more 
than eight seats in addition to the driver’s seat.
Battery Electric Vehicles (BEV)
BEV cars include all vehicles which are 100% fully  
electrified cars.
Non Battery Electric Vehicles (Non-BEV)
Non-BEV cars include all vehicles which are not 100% fully 
electrified cars (BEV). For Volvo Cars, it includes plug-in 
hybrid (PHEV), mild hybrid (MHEV) and internal combustion 
engine cars (ICE).
Electrified cars
Electrified cars include 100% fully electric cars, the same as 
the Battery Electric Vehicles (BEV), and Plug-in hybrids 
(PHEV), in both petrol and diesel with cord for charging. 
Recharge cars 
“Recharge” is the overarching name for all Volvo chargeable 
car models including plug-in hybrids (PHEV) and fully  
electric vehicles (BEV). 
ICE
Internal combustion engine, including all powertrain types 
except plug-in hybrids (PHEV) and fully electric vehicles 
(BEV).
MHEV
Mild hybrid electric vehicle utilizes both a gas engine and an 
electric motor. The MHEV is used to start the engine and 
brake or slow the car, thereby recovering brake energy that is 
stored in the 48V battery.   
Agency personnel 
Agency personnel is referred to as specific competence that 
is sourced externally and assigned to meet fluctuating  
business resource needs.
Contract manufacturing
A business model in which a third-party company is  
contracted for the production of goods or components over a 
specified contract period.
Online
Our online business model is available in 10 markets (UK, 
Sweden, Netherlands, Norway, Germany, USA, Canada, 
China, Malaysia, and India) and defines as a car ordered 
online with national online price and direct invoice where 
available. For US and Canada, the transaction is executed by 
our retail partners as per agreement with retailers and in line 
with franchise laws.
VOLVO CAR GROUP
24 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 25 =====

The alternative performance measures presented and disclosed in this interim report are used internally by management in 
conjunction with IFRS measures to measure performance and make decisions regarding the future direction of the business. 
The Group believes that these alternative performance measures, when provided in combination with reported IFRS  
measures, provide helpful supplementary information for investors. These alternative performance measures are not a  
substitute for or superior to IFRS measures and should be used in conjunction with reported IFRS measures. Further, these 
alternative performance measures, as defined by the Group, may not be comparable to other similarly titled measures used by 
other groups. 
Volvo Cars has applied the guidelines from ESMA (European Securities and Markets Authority) regarding alternative key  
figures (APMs, Alternative performance measures). Although these key figures are not defined or specified according to IFRS 
they provide the valuable supplementary information to investors and the company’s management regarding the  
company’s performance.
Gross margin
Gross margin is defined as Gross income as a percentage of  
revenue. Gross margin presents the per cent of revenue that 
Volvo Cars retains after incurring the direct costs associated 
with producing the goods and services sold. 
EBIT
EBIT is defined as Net income excluding financial income, 
financial expenses and Income taxes, that is operating 
income presented in the income statement. EBIT presents 
the operating income of Volvo Car Group.
EBIT margin
EBIT margin is defined as EBIT as a percentage of revenue. 
The EBIT margin presents the profitability of the operation in 
relation to the recognised revenue earned by Volvo Car 
Group during the accounting period. 
EBIT excl. share of income in JVs & associates 
EBIT excl. share of income in JVs & associates is defined as 
EBIT less the result from share of income in JVs &  
associates. This presents the profitability of the operation 
excluding share of income in JVs & associates during the 
accounting period.
EBIT margin excl. share of income in JVs & associates 
EBIT margin excl. share of income in JVs & associates  
presents the profitability of the operation excluding share of 
income in JVs & associates in relation to the recognised  
revenue earned by Volvo Car Group during the accounting 
period. 
EBITDA
EBITDA is defined as EBIT excluding depreciation and  
amortisation of non-current assets. EBITDA presents an 
overview of the profitability of Volvo Car Group operations.
Alternative performance measures  
presented by Volvo Car Group
EBITDA margin
EBITDA margin is EBITDA as a percentage of revenue. The 
EBITDA margin presents the profitability of the operation in 
relation to the recognised revenue earned by the Group  
during the accounting period. 
Items affecting comparability
Transactions that are not related to recurring business  
operations, but affecting the financial outcome in a material 
way, and where the probability of reoccurrence over the 
coming years is limited. 
Share of investing cash flow
Share of investing cash flow is defined as the share of invest -
ing cash flow allocated to certain types of  
development as a percentage of the total investing cash 
flow. Share of investing cash flow presents the allocation the 
Group’s cash resources to certain investments during the 
reporting period.
Net cash
Net cash is defined as cash, cash equivalents and marketable 
securities less liabilities to credit institutions, bonds and 
other interest-bearing non-current liabilities (excluding 
non-current lease liabilities). Net cash represents Volvo Car 
Group’s ability to meet its financial obligations.
Liquidity
Liquidity is defined as cash, cash equivalents, undrawn credit 
facilities and marketable securities.
VOLVO CAR GROUP
25 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 26 =====

Alternative performance measures are presented in SEKm unless otherwise stated.
The reconciliations of the respective key figures against the most directly reconcilable item in the financial statements can be 
found at: investors.volvocars.com/en/results-and-reports/results-centre
SEKm
Jan–Mar
2024
Jan–Mar
2023
Full year 
2023
Revenue 93,878 95,705 399,343
Revenue per new car, BEV (SEKk) 1) 416.0 456.3 465.4
Revenue per new car, non-BEV (SEKk) 1) 428 .1 446.9 440.4
Cost of sales –75 , 8 0 6 –78 ,60 6 –321,916
Research and development expenses –3,827 –2,878 –12,884
Operating income, EBIT 4,706 5,10 0 19,939
EBIT excl. share of income in JVs & associates 6,795 6,315 25,567
Net income 3,587 3,975 14,066
EBITDA 10,124 9,229 37, 3 8 8
Gross income per new car, BEV (SEKk) 1) 67.1 33.9 40.3
Gross income per new car, non-BEV (SEKk) 1) 107. 0 104.2 102.9
Gross margin, % 19.3 17. 9 19.4
Gross margin BEV, % 1) 15.7 7. 4 8.7
Gross margin non-BEV, % 1) 25.0 23.3 23.4
EBIT margin, % 5.0 5.3 5.0
EBIT margin excl. share of income in JVs & associates, % 7. 2 6.6 6.4
EBITDA margin, % 10.8 9.6 9.4
Share of investing cash flow BEV, % 68 .1 74. 8 68.4
Share of investing cash flow non-BEV, % 8.2 6.4 5.9
1)  Including amounts relating to emissions credits earned relating to BEV and Non-BEV, respectively. For the first quarter of the year the amount was 
SEK 56 (136) m relating to BEV, and SEK 129 (50) m relating to Non-BEV. For more information see Note 2 – Revenue in the annual report 2023.
RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES
VOLVO CAR GROUP
26 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 27 =====

CONTACT
Analysts and investors 
John Hernander 
Head of Investor Relations
+46 31-793 94 00
investors@volvocars.com
FINANCIAL CALENDAR & CONFERENCE CALL
Webcast and conference call
At 09:30 CET on 24 April, President & CEO Jim Rowan, 
CFO Johan Ekdahl and Deputy CEO and Chief Commercial 
Officer Björn Annwall will host a livestream for media, inves -
tors and analysts.
Link: live.volvocars.com
For those tuning in from China, please use this link:  
live.volvocars.com.cn
To call in, participants need to register and will then receive 
the dial-in details and individual PIN. Link to register   
Upcoming investor Events
18 July 2024: Q2 2024 report
23 October 2024: Q3 2024 report
6 February 2025: Q4 and full year 2024 report
3 April 2025:  Annual General Meeting
29 April 2025: Q1 2025 report
ABOUT THIS REPORT 
FORWARD LOOKING STATEMENTS 
This report contains statements concerning, among other 
things, Volvo Car Group’s financial condition and results of 
operations that are forward-looking in nature. Such state -
ments are not historical facts but, rather, represent Volvo 
Car Group’s future expectations. Volvo Car Group believes 
that the expectations reflected in these forward-looking 
statements are based on reasonable assumptions. However, 
forward-looking statements involve inherent risks and uncer-
tainties, and a number of important factors could cause actual 
results or outcomes to differ materially from those expressed 
in any forward-looking statement. Such important factors 
include but may not be limited to: Volvo Car Group’s market 
position, growth in the automotive industry, and the effects 
of competition and other economic, business, competitive 
and/or regulatory factors affecting the business of Volvo Car 
Group, its associated companies and joint ventures, and the 
automotive industry in general. Forward-looking statements 
speak only as of the date they were made and, other than as 
required by applicable law, Volvo Car Group undertakes no 
obligation to update any of them in light of new information 
or future events.
Language
In the event of inconsistency or discrepancy between the 
English and the Swedish version of this publication, the 
Swedish version shall prevail.
Totals and roundings
Totals quoted in tables and statements may not always be 
the exact sum of the individual items because of rounding 
differences. The aim is that each line item should correspond 
to its source, and rounding differences may therefore arise.
Journalists and media 
Volvo Cars Media Relations 
+46 31-59 65 25 
media@volvocars.com
Gothenburg, 23 April 2024
Jim Rowan
President and CEO
This report has not been subject to review by Volvo Car AB’s auditors.
VOLVO CAR GROUP
27 OF 28
INTERIM REPORT FIRST QUARTER 2024

===== SIDA 28 =====