Kvartalsrapport Q3 2024

Automatiskt nyckeltalsindex

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

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

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

VOLVO CAR GROUP
2 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
• Retail sales increased by 3% to 172.8 (167 .5) thousand 
cars.
• Revenue amounted to SEK 92.8 (92.0) bn, supported by 
higher volume.
• EBIT excluding share of income in JVs and associates 
was SEK 5.7 (6.1) bn, supported by lower cost, mainly 
from materials. It was also impacted by unfavourable  
foreign exchange rate effects from the valuation of  
operating assets and liabilities. Operating income (EBIT) 
was SEK 5.8 (4.5) bn.
• EBIT margin excluding share of income in JVs and  
associates was 6.2 (6.7)%. EBIT margin was 6.2 (4.8)%.
• Basic earnings per share was SEK 1.41 (1.01).
• Operating and investing cash flow was SEK –0.4 (1.7) bn.
• In August, Volvo Cars took full ownership of HaleyTek. 
Prior to the transaction, Volvo Cars ownership of HaleyTek 
amounted to 60%.
• In September, Volvo Cars announced updated  
electrification and CO 2 ambitions for 2025 and 2030, as 
well as updated its financial ambitions related to growth 
and EBIT margin for 2026.
• In October it was announced that structural changes 
would be made in the Commercial area of the business, 
effective from November 1. Those changes include Björn 
Annwall, Chief Commercial Officer & Deputy CEO, step -
ping out of his role and taking on new opportunities out -
side of Volvo Cars.
JULY–SEPTEMBER 2024
UPDATES AFTER THE PERIOD FORWARD LOOKING
3 Months 9 Months 12 Months
SEK bn unless otherwise stated
Jul–Sep 
2024
Jul–Sep  
2023 ∆%
Jan–Sep 
2024
Jan–Sep 
2023 ∆% LTM
Full year 
2023
Retail sales, k units 1) 172. 8 167. 5 3 560.9 509.2 10 760.4 708.7
Revenue 92.8 92.0 1 28 8 .1 289.9 –1 396.8 399.3
Research and development expenses 2) –3.4 –2.9 –17 –12.0 –9.2 –30 –15. 2 –12.9
Operating income (EBIT) 3) 5.8 4.5 30 18.5 14.6 27 22.5 19.9
EBIT excl. share of income in JVs and associates 3) 5.7 6 .1 –7 20.7 18.9 10 27. 9 25.6
Net income 4.4 3.2 35 13.6 10.7 27 15.8 14.1
Basic earnings per share, SEK 1.41 1.01 40 4.33 3.34 30 5.37 4.38
EBITDA 3) 10.4 8.7 20 34.4 27.1 27 43.0 37. 4
Cash flow from operating activities 9.2 10.1 –9 21.1 24.7 –15 40.1 42.9
Cash flow from investing activities –9.6 –8.4 –15 –33.5 –39.8 –16 –44.4 –51.8
Gross margin, % 3) 20.5 19.6 4 20.9 18.8 11 20.7 19.4
EBIT margin, % 3) 6.2 4.8 29 6.4 5.0 28 5.7 5.0
EBIT margin excl. share of income in JVs and 
 associates, %3) 6.2 6.7 –8 7. 2 6.5 10 7. 0 6.4
EBITDA margin, % 3) 11. 2 9.4 19 12.0 9.3 28 10.8 9.4
1)  Non-financial operating metric.
2) See further information in footnote to R&D table, page 11.
3)  Non-IFRS measure (alternative performance measure), see Alternative performance measures on page 27.
• Our aim is to outgrow the premium car market until 2026 
from 2023 on a CAGR basis, but that journey will not be 
linear. Given the accelerating weakness in the market and 
our focus on safeguarding value over volume, we expect 
minimal volume growth during Q4, 2024. As a result of 
this, we now anticipate full-year sales growth of 7–8 per 
cent in 2024 (previous outlook: retail sales growth of 
12–15%, provided there are no major disruptions).

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

VOLVO CAR GROUP
3 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
Dear shareholders and other Volvo Cars stakeholders,
Our industry is facing an increasingly volatile environment. 
Macroeconomic headwinds are intensifying, as is geopoliti -
cal complexity. Despite these challenges we demonstrated 
resilience during the third quarter of 2024, which is reflected 
in our overall financial performance. However, continued cost 
actions remain necessary going forward, and we are deter -
mined to deliver on our ambitions.
Building resilience in a turbulent world
“We are confident that our 
strong and balanced product 
portfolio of BEVs, PHEVs and 
mild hybrids will remain 
attractive going forward”
the premium car industry in Europe. For the first nine 
months, our sales increased by 10 per cent year-on-year. 
This puts us in a position to outgrow the premium car market 
in 2024, which is expected to grow by less than 1 per cent 
this year. 
In Europe, we took market share in an increasingly com -
petitive market while retaining our premium pricing position. 
Although the market as a whole is softening, we are encour -
aged by the strong performance of our balanced, portfolio of 
fully electric (BEV) cars, plug-in (PHEVs) and mild hybrids. 
The EX30 remained among the best-selling BEVs in Europe 
and the XC60 is still one of the most popular PHEVs in the 
region.
The car market in our main regions of China, Europe and 
the US is increasingly under pressure which affects demand. 
We have retained our premium position in China by focusing 
on price discipline, but this has affected sales volumes. In the 
US, the performance of our electrified range remained solid, 
but here too the overall market has weakened. Lower interest 
rates may improve the situation over time in these markets, 
and we continue to monitor developments closely.
Gross margins were broadly in line with our underlying oper -
ational gross margins for the first half of 2024 and came in 
at 20.5 per cent for the third quarter. Revenues for the 
period amounted to SEK 93 billion and our core EBIT landed 
at SEK 5.7 billion, translating into a core EBIT margin of 6.2 
per cent. Free cash flow was around flat at SEK –0.4 billion. 
As stated recently at our Capital Markets Day, our aim is to 
outgrow the premium car market until 2026, by which we 
mean from 2023 until 2026 on a CAGR basis, and generate 
a core EBIT margin of 7–8 per cent as well as strong free 
cash flows from 2026 onwards. We are determined to reach 
these ambitions and have a clear roadmap towards achieving 
them. But let me reiterate what I have communicated before: 
the journey will not be linear. And in recent weeks, we have 
seen the external environment worsen considerably – a fact 
also echoed in the revised industry forecasts for 2024 and 
2025 by third-party analysts.
Strengthening our premium position  
We have grown faster than our premium peers this year, even 
as overall industry demand continues to soften and is now 
affecting the premium segment as well. Our Q3 sales rose 
by 3 per cent to 172,849 cars sold, with electrified models 
(fully electric and plug-in hybrid cars) representing 48 per 
cent of the total. That electrified share was the highest for

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

VOLVO CAR GROUP
4 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
Yet to be successful in the marketplace of today, compa -
nies need to be fast, agile and pragmatic in the face of con -
stantly changing business conditions. That is the approach 
we are taking at Volvo Cars. However, given the accelerating 
weakness in the market and our focus on safeguarding value 
over volume, we expect minimal volume growth during the 
fourth quarter. As a result of this, we now anticipate full-year 
sales growth of 7–8 per cent instead of 12–15 per cent, 
which is more aligned to the current environment and brings 
our inventory and volume planning more in line with market 
realities.
Safeguarding value and cash  
We are determined to safeguard value and cash as a com -
pany, while working resolutely towards our 2026 ambitions. 
However, the revised sales guidance also affects our expec -
tations for free cash flow for this year. We have actively 
adapted our sales and production plan to ensure reductions 
in inventory during the second half of the year. This is materi -
alising according to plan, and we remain focused on diligent 
inventory management. At the same time, we are also mov -
ing cars off our balance sheet in some European markets as 
part of our adjusted commercial approach. 
While we continue to drive our free cash flows towards 
neutral for 2025 and strong from 2026, we now anticipate 
our full-year free cash flow to be single digit-negative in SEK 
bn for 2024, rather than neutral. This is due to lower sales 
expectations in the fourth quarter and overall weakness in 
the market. We will continue to take other cash actions, and 
we remain focused on making our cost base as a whole more 
efficient. To this end, we are looking at both investments as 
well as fixed and variable costs to lower our cost structure 
and free up cash.
Delivering on our long-term value creation ambitions also 
requires investments. As we explained in detail during our 
Capital Markets Day, we are investing in new technologies, 
infrastructure and cars to ensure that we become a leader in 
next-generation mobility. And as previously communicated, 
we expect these investments to peak during the 2024–25 
period, all of which has been factored into our plans. Once 
this heavy investment phase is over, we will start generating 
strong free cash flows from 2026 onwards. 
We have five fully electric cars on the road, and five more 
in development. As previously communicated, we will start 
building the EX30 in our Ghent plant during the first half of 
2025, with volumes ramping up in the second half. 
Starting with the EX90 all our new fully electric cars will be 
software-defined, reflecting our status as the first European 
car company to harness core computing technology. They will 
also benefit from our Superset tech stack: one set of hard -
ware and software that will make our fully electric cars better 
over time and allows us to develop new cars in a more effi -
cient and more profitable way.
On top of that we continue to invest in our hybrid cars, 
exemplified by the updated, ready-for-a-new-era version of 
our iconic XC90 plug-in hybrid SUV. By refreshing these and 
other hybrid models, we maintain a balanced product portfo -
lio for the current marketplace. All this will allow us to out -
grow the premium car market and take market share.
Looking ahead  
As said, the industry will remain under pressure. Hence, 
we are doubling down on our actions to tackle these external 
challenges, with the aim of building an even more resilient 
company and further reinforcing operational efficiencies.
Our internal cost efficiency initiative has already resulted in 
lower variable costs and remains a crucial focus area. Improv -
ing cost efficiency is an ongoing exercise, and  
a core part of how we operate as a company. 
We are confident that our strong and balanced product 
portfolio of BEVs, PHEVs and mild hybrids will remain attrac -
tive going forward. Coupled with our premium brand posi -
tioning, this will help us to partly mitigate the effects of a 
weakening market, but not completely.  
We cannot control the current geopolitical uncertainties 
and economic headwinds. But we can navigate them with 
speed and purpose, and perhaps most importantly, with a 
clear focus. Our focus is more than ever on preserving cash 
while creating value – for our shareholders, our customers 
and our employees.
We have proven before that we can handle challenges, and 
we will handle them again. Business is not a game of perfec -
tion, it is a game of progress. And despite current challenges, 
Volvo Cars is making progress. This is shown in our results, 
our technology, our talent, and ultimately our cars.
Jim Rowan
Chief Executive Officer

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

VOLVO CAR GROUP
5 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
Operational progress
Our industry is changing, and we strive to be a leader in that change. This section provides an update on the operational events 
from the quarter.
ADJUSTED AMBITIONS
In the beginning of September, some of Volvo Cars’ ambi -
tions set for the coming years were adjusted.
Volvo Cars aims for 90 to 100% of its global sales volume 
by 2030 to consist of electrified cars, meaning a mix of both 
fully electric and plug-in hybrid models – in essence, all cars 
with a cord. The remaining 0–10% will allow for a limited 
number of mild hybrid models to be sold, depending on mar -
ket conditions and customer demand. This replaces Volvo 
Cars’ previous ambition for its line-up to be fully electric by 
2030. However, with five fully electric cars already on the 
market and another five models in development, Volvo Cars 
remains committed to the long-term ambition of full electrifi -
cation, and the long-term investment plan and product strat -
egy remains geared towards fully electric cars. Volvo Cars 
will retain its position as an industry leader in electrification 
while continuing to develop its plug-in and mild hybrid cars, 
providing it with a balanced portfolio that serves as a clear 
bridge to an all-electric future.
Volvo Cars also still aims to reach net zero greenhouse gas 
emissions by 2040. 
The ambitions adjustment is not expected to have any 
material impact on Volvo Cars’ capital expenditure plans. For 
the financial ambitions, rather than aiming for an absolute 
revenue target, the ambition is now to outgrow the premium 
car market until 2026 from 2023 on a CAGR basis (previous 
ambition revenue SEK 550–600 bn).
Given the increased complexity especially in relation to 
global trade and tariffs, Volvo Cars also aims to achieve an 
EBIT margin excl. JVs and associates of 7–8% for the full 
year in 2026 (previous ambition “above 8%”).
While we continue to drive our free cash flows towards 
neutral for 2025 and strong from 2026, we now anticipate 
our full-year free cash flow to be single digit-negative in SEK 
bn for 2024.
GROWTH
Outgrow 
the premium 
car market
UNTIL 2026*
*volume CAGR 2023–26
E B I T  
(excl. JV’s and Associates)
7–8%
FY 2026
FREE CASH FLOW
Neutral 2025
Strong 2026+
AMBITIONS
50–60%
ELECTRIFIED
90–100%
ELECTRIFIED
30–35%
CO 2 REDUCTION PER CAR
(vs 2018 baseline)
65–75%
CO 2 REDUCTION PER CAR
(vs 2018 baseline)
2025 2030

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

VOLVO CAR GROUP
6 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
Sustainability
Due to the updated electrification ambitions, Volvo Cars’ 
ambition for CO 2 reduction is updated to reach a 30 to 35% 
reduction per car by 2025, and 65 to 75% reduction per car 
by 2030, compared to the 2018 base year. With the adjust -
ment, Volvo Cars still retains the position as an industry 
leader in electrification. 
Continuing to make progress on these ambitions, for the 
first nine months Volvo Cars reached a CO 2 reduction of 
25%, compared to the 2018 base year. The main contributor 
for the reduction is the increased sale of fully electric and 
plug-in hybrid vehicles. In the third quarter, Volvo Cars made 
its first deliveries of the new fully electric SUV, the EX90. 
Related to this, Volvo Cars has also published the life cycle 
assessment report for the EX90, showing a total carbon 
footprint which is about half as much as the XC90 mild 
hybrid1). 
Volvo Cars is also continuing to strengthen the company’s 
position on sustainability matters. The company has pub -
lished its first position papers on nature and biodiversity as 
well as on sustainable materials. 
1)  Based on a total driving distance of 200,000 kilometres. The total car -
bon footprint depends on different factors such as grid mix for charging. 
The above reference car is based on European average electricity mix.
CO2-reduction 
per car
CO2-emissions per 
car, tonnes Reduction, %
20182) 54.9 —
2024 Jan–Sep 2) 41.3 25
2025 ambition 2) 35.7–38 .4 30–35
2030 ambition 2) 13.7–19. 2 65–75
2)   The CO 2-emissions do not include production and distribution of fuel 
and electricity.
0
40
30
10
20
50
60 55 54 52 50
47
44
41 36/endash.case38
14/endash.case19
25%
Ambition
65/endash.case75%
Ambition
30/endash.case35%
Ambition
CO 2  reduction (tonnes per car)
Actual
2018 2019 2020 2021 2022 2023 2024
Jan–Sep
20302025

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

VOLVO CAR GROUP
7 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
Volvo Cars Capital Markets Day
On 5 September, Volvo Cars held its Capital Markets Day in 
World of Volvo, Gothenburg, Sweden. At the event, the com -
pany presented its strategy, including the roadmap to our 
updated ambitions, introduction of the Superset tech stack 
and the SPA3 platform. Recordings and presentation mate -
rial from the event can be found on the Volvo Cars Investor 
Relations website (investors.volvocars.com/cmd).
Volvo Cars adjusts key ambitions – remains committed to 
fully electric future
In the beginning of September, Volvo Cars announced 
adjustments to its ambitions regarding electrification, CO 2, 
growth and EBIT. 
The long-term aim to become a fully electric car company 
remains, as well as the ambition to reach net zero green -
house gas emissions by 2040. However, due to changing 
market conditions and customer demands, Volvo Cars has 
adjusted its ambitions. For more details, see page 5.
All future fully electric Volvo cars will originate from one 
single technology stack
In September, Volvo Cars revealed a new, game-changing 
approach to technology. Starting with the EX90, Volvo Cars’ 
all future fully electric cars will be based on the same funda -
mental core of systems, modules, software and hardware, 
called the Volvo Cars Superset tech stack. It’s a single tech 
and software base that contains all modules and functionali -
ties that Volvo Cars will use in the future product line-up. 
Like a set of building blocks, it can be configured in many dif -
ferent ways. Each new car will be a selection, or a subset, of 
building blocks from the Superset tech stack, and Volvo Cars 
will continuously improve and grow the tech stack. Volvo 
Cars is also developing a new electric technology base, 
called SPA3 (Scalable Product Architecture), which will be 
underpinned by the Volvo Cars Superset tech stack. By hav -
ing a scalable SPA3 architecture, Volvo Cars create 
increased synergies and improve technology efficiency when 
it comes to core computing, batteries, e-motors, megacast -
ing and modular manufacturing – all whilst improving cus -
tomer experience. The first car to be built on SPA3 will be 
the forthcoming all-electric EX60 midsize SUV.
Volvo Cars expands collaboration with NVIDIA
In the beginning of September, Volvo Cars announced that 
the collaboration with NVIDIA will be expanded. The Volvo 
EX90 is the first truly software-defined Volvo car, built on a 
centralised core compute architecture, made possible in col -
laboration with NVIDIA. This setup enhances everything 
from AI-based safety features to the customer experience, 
all while paving the way for safe autonomous driving. Later 
this decade, Volvo Cars will introduce cars built on NVIDIA 
DRIVE Thor, which will enable the company to deploy even 
more advanced driving assistance and safety features, 
develop autonomous driving, and introduce generative 
AI-based capabilities and in-car experiences.
Successful launch of new Volvo XC90
On 4 September, Volvo Cars launched the new and improved 
Volvo XC90. The XC90 is a Volvo Cars icon, and thanks to a 
broad suite of technology and design updates inside and out, 
the award-winning and best-selling flagship hybrid SUV is 
now better than ever before. It’s a premium seven-seater 
with ‘comfortable’ as its middle name, it’s one of the safest 
cars on the road, and in plug-in hybrid form it’s an outstand -
ing electric car with a back-up plan, offering more than 70 
kilometres of fully electric range on a single charge under the 
“Worldwide harmonised Light vehicle Test Procedure” 
(WLTP) testing cycle.
Volvo Cars takes full ownership of HaleyTek
In August, Volvo Cars took full ownership of HaleyTek, a 
Gothenburg-based developer for Android-powered infotain -
ment systems. Prior to the transaction, Volvo Cars held 60% 
of the shares in HaleyTek and consolidated the company. The 
remaining 40% was held by the global mobility technology 
company ECARX. The acquisition of the remaining stake in 
HaleyTek is a strategic step for Volvo Cars to further 
strengthen its technological capability in software develop -
ment for current cars and take ownership over technologies 
crucial to the company’s future products. 
Quarterly highlights

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

VOLVO CAR GROUP
8 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
SALES AND MARKET DEVELOPMENT
The overall global passenger car market for the third quarter 
was in line with the same period last year. The broader mar -
ket landscape remains uncertain and complex, and in addi -
tion the demand is relatively soft. The global automotive pro -
duction volumes for the full year are forecasted to slightly 
decrease compared to previous year according to S&P 
Global. 
Despite the complex economic and geopolitical landscape 
and weak consumer sentiment in some regions, Volvo Cars 
has strengthened its market position and retail sales 
increased by 3% compared with the third quarter 2023, led 
by the electrified cars, which represent 48% of total sales. 
Volvo Cars’ BEV sales doubled compared to the third quarter 
last year, and BEV share accounted for 25% of retail sales. 
Wholesales increased by 3% and production decreased by 
13% with improved inventory levels. The growth in retail 
sales was mainly driven by a strong performance in Europe 
as well as the continuous success of the EX30. EX90, the 
fully electric large SUV, started being delivered to customers 
during the third quarter and will gradually ramp up during the 
remainder of the year. 
Volvo Cars’ market share per  
propulsion type 1) 2)
Jan–Aug 
2024
Jan–Aug 
2023
BEV 1.73% 1.21%
PHEV 3.98% 5.08%
ICE (incl. mild hybrids) 0.73% 0.72%
Total 1.05% 0.96%
Total industry volume share and
growth by propulsion type 1) 2)
Jan–Aug 
2024
Growth 
YoY
BEV 15% 19%
PHEV 6% 41%
ICE (incl. mild hybrids) 79% –5%
Total 100% 2%
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 report our market share in relation to the global pas-
senger market. 
2)  Source: Includes content supplied by S&P Global Mobility Industry
 Performance in October 2024, capturing more than 85 per cent of  
 total world sales per August. All rights reserved. 
Third quarter financial summary
Europe
The overall European passenger car market decreased by 6% 
compared to the same period last year, whereof the BEV seg -
ment decreased by 10% and the PHEV segment decreased 
by 15%. The market is affected by the high interest rates, 
general weak economic environment and softened consumer 
confidence, although there are variances between different 
countries.
Volvo Cars’ retail sales increased by 31%, with UK and 
Germany at the top selling 18.8 and 14.1 thousand cars 
respectively. The share of BEVs and PHEVs accounted for 68 
(57)% in the quarter, whereof BEV sales accounted for 40 
(21)% of retail sales. 
China
The total Chi nese passenger car market increased by 5%, 
whereof the BEV and PHEV segments increased by 23% 
and 1 13% respectively. The demand for combustion engine 
cars continues to decline, as a large part of the Chinese mar -
ket is moving to electrification. The overall competition in the 
Chinese car market continued to be fierce, with multiple EV 
brands gaining attractions in the mass market segment. 
Volvo Cars’ retail sales decreased by 23%. BEV and PHEV 
share combined accounted for 1 1 (8)% in the quarter, 
whereof BEV sales accounted for 2 (2)% of retail sales. 
US
The total US passenger car market declined by 2% compared 
to the same period 2023, whereof the BEV segment 
increased by 1 1% and the PHEV segment decreased by 
20%. Higher interest rates, weaker consumer spending and 
fewer selling days have had an impact.
Volvo Cars retail sales decreased by 12% compared to the 
same period last year. BEV sales were partly held back due to 
the decision to postpone the launch date of the EX30 due to 
the recently increased tariffs. BEV and PHEV share com -
bined accounted for 39 (27)% in the quarter, whereof BEV 
share alone accounted for 6 (10)% of retail sales. 
Other markets
Volvo Cars’ retail sales in other markets increased by 3%, 
with South America as a strong region. The markets with 
highest retail sales were South Korea, Canada and Japan. The 
share of BEV and PHEV sales combined in other markets 
was 47 (33)%, whereof BEV accounted for 29 (15)%. 
Sales development per carline
The SUVs, comprising of Volvo Cars’ XC and EX models, 
accounted for 82 (80)% of total sales, driven by the best-  
selling models XC60 and XC40. During the third quarter, the 
EX30 continued to drive year-over-year growth and the first 
EX90s were delivered to customers. The Sedan and Wagon 
(incl. MPV) segments’ share of total sales amounted to 12 
(15)% and 6 (5)% respectively.

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

VOLVO CAR GROUP
9 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
3 Months 9 Months 12 Months
Retail sales, k units
Jul–Sep  
2024
Jul–Sep  
2023 ∆%
Jan–Sep  
2024
Jan–Sep 
2023 ∆% LTM 2023 ∆%
Europe 80.8 61.8 31 274. 4 208.8 31 360.4 294.8 22
China 34.9 45.4 –23 113 . 0 123.9 –9 159. 2 170.1 –6
US 28.5 32.4 –12 89.5 92.1 –3 126 .1 128.7 –2
Other 28.7 27. 9 3 83.9 84.3 — 114 .7 115 .1 —
Retail sales total 172 . 8 167. 5 3 560.9 509.2 10 760.5 708.7 7
Electrified cars 8 3 .1 56.8 46 256.7 193.2 75 329.5 266.0 24
 whereof BEVs 42.8 21.4 100 133.6 80.6 125 166.3 113 . 4 47
Electrified cars share 48% 34% 46% 38% 43% 38%
 whereof BEV share 25% 13% 24% 16% 22% 16%
Wholesales 171. 3 165.6 3 575.5 528.4 9 779.3 732.3 6
Production volume 146.6 169.0 –13 594.0 548.5 8 812.3 766.7 6
3 Months 9 Months 12 Months
Top 10
Retail sales by market, k units
Jul–Sep  
2024
Jul–Sep  
2023 ∆%
Jan–Sep  
2024
Jan–Sep 
2023 ∆% LTM 2023 ∆%
China 34.9 45.4 –23 113 . 0 123.9 –9 159. 2 170.1 –6
US 28.5 32.4 –12 89.5 92.1 –3 126 .1 128.7 –2
UK 18.8 12.3 53 49.2 37.1 32 62.2 50.1 24
Germany 14.1 9.9 42 45.6 30.5 49 60.6 45.5 33
Sweden 8.4 7. 2 17 31.8 27. 2 17 45.6 41.0 11
Netherlands 6 .1 2.3 171 23.8 11. 6 105 28.5 16.3 75
Belgium 5.6 5.0 11 20.7 16.9 22 27. 6 23.9 16
Italy 4.6 4.0 16 16.6 14.5 14 21.2 19.2 11
South Korea 3.9 4.0 –3 11.1 12.5 –11 15.6 15.3 2
Canada 3.5 3.4 2 9.9 9.1 9 13.6 12.3 11
3 Months 9 Months 12 Months
Retail sales by model, k units
Jul–Sep  
2024
Jul–Sep  
2023 ∆%
Jan–Sep  
2024
Jan–Sep 
2023 ∆% LTM 2023 ∆%
BEV
EX30 27. 2 — — 41.8 — — 75.6 0.6 —
EX40 10.7 14.5 –26 75.0 53.5 40 64.0 75.7 –15
EC40 4.5 6.9 –35 15.4 27. 2 –43 25.3 37.1 –32
EM90 0.3 — — 1.3 — — 13 — —
EX90 0.1 — — 0.1 — — 0.1 — —
Non-BEV
XC60 48.4 55.0 –12 16 4.1 161.0 2 231.8 228.6 1
XC40 27.7 32.4 –15 88.0 92.9 –5 120.0 125.0 –4
XC90 24.0 25.5 –6 7 7. 2 7 7. 0 — 107.7 107. 5 —
S60 11.1 10.8 2 3 4.1 28.7 19 45.5 40.2 13
S90 9.1 13.5 –33 30.9 36.6 –16 43.6 49.3 –12
V60 7. 5 5.9 27 26.2 22.2 18 34.5 30.4 13
V90 2.3 3.0 –23 7. 0 10.2 –31 11. 0 14.2 –22
Total 172 . 8 167. 5 3 560.9 509.2 10 760.5 708.7 7
V60 and V90 include the cross-country versions.

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

VOLVO CAR GROUP
10 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
INCOME AND RESULT
The comparative figures refer to the consolidated income 
statement of the third quarter 2023 if not otherwise stated.
Volvo Cars’ revenue amounted to SEK 92.8 (92.0) bn. 
Wholesale volumes increased by 3% to 171.3 (165.6)  
thousand cars, resulting in a SEK 5.0 bn increase in revenue. 
However, the revenue was impacted by unfavourable foreign 
exchange rate effects of SEK –1.8 bn, deferred revenue 
related to rental sales amounting to SEK –1.6 bn, as well as 
sales channel mix and pricing amounting to SEK –1.6. See 
complete revenue bridge below. 
Gross income increased by 5% to SEK 19.0 (18.1) bn, 
resulting in a gross margin of 20.5 (19.6)%. The gross  
margin increased mainly due to lower material costs. Gross 
income was impacted by sales mix and pricing amounting to 
SEK –2.4 bn. Foreign exchange rate effects in cost of sales 
were positive amounting to SEK 1.2 bn. The net effect of 
foreign exchange rates in gross income was negative 
amounting to SEK –0.6 bn. 
Research and development expenses increased by 17% to 
SEK –3.4 (–2.9) bn, primarily related to less projects  
reaching capitalisation phase as a percentage of total spend. 
For details regarding research and development expenses, 
see the Research and development table on page 1 1. Selling 
expenses remained consistent with the prior year and 
amounted to SEK –6.6 (–6.6) bn. Similarly, administrative 
expenses amounted to SEK –3.0 (–2.9) bn. 
Other operating income and expenses decreased to SEK 
–0.3 (0.5) bn mainly related to negative foreign exchange 
rate effects from the valuation of operating assets and  
liabilities. Share of income in JVs and associates increased to 
SEK 0.1 (–1.7) bn, mainly as an effect of less recognised 
operational losses from Polestar.
Operating income (EBIT) excluding share of income in JVs 
and associates, decreased to SEK 5.7 (6.1) bn, correspond -
ing to a margin of 6.2 (6.7)%, impacted by  
unfavourable foreign exchange rate effects from the  
valuation of operating assets and liabilities, as well as higher 
research and development expenses. EBIT amounted to 
SEK 5.8 (4.5) bn, resulting in an EBIT margin of 6.2 (4.8)%. 
The exchange rate effects had a negative impact on EBIT of 
SEK –1.2 bn, see the table below. 
Net financial items amounted to SEK 0.3 (0.3) bn. The 
effective tax rate decreased to 28.0 (31.8)%, mainly due to 
lower non-tax deductible loss related to share of income in 
JVs and associates, offset by increased withholding tax cost 
on dividends. Net income was SEK 4.4 (3.2) bn and 4.7 
(3.5)% in relation to revenue. Basic earnings per share 
amounted to SEK 4.33 (3.34). 
Items affecting comparability, SEK bn
Jul–Sep
2024
Jul–Sep
2023
Restructuring costs — 0.3
Total — 0.3
Changes to Revenue, SEK bn Jul–Sep
Revenue Q3 2023 92.0
 Volume 5.0
 Deferred revenue –1.6
 Sales mix and pricing –1.6
 Sale of licences – 0.1
 Foreign exchange rates –1. 8
 Contract manufacturing –1. 2
 Other1) 2.1
Revenue Q3 2024 92.8
Change, % 1
1) Including used cars, earned emissions credits, parts and accessories.
Changes to Operating income, SEK bn Jul–Sep
EBIT Q3 2023 4.5
 Volume —
 Sales mix and pricing –2.4
 Government grants – 0.1
 Sale of licences – 0.1
 Foreign exchange rates –1. 2
 Share of income in JVs and associates 1.8
  Items affecting comparability –0.3
 Other 2) 3.6
EBIT Q3 2024 5.8
Change, % 30
2)   Mainly including cost efficiencies, used cars, emissions credits and 
parts and accessories.

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

VOLVO CAR GROUP
11 OF 30
INTERIM REPORT THIRD QUARTER 2024
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%
Q4
2021 2022 2023 2024
Q1 Q2 Q3 Q2 Q1 Q2Q4Q3Q1Q4 Q3
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%
Q4
2021 2022 2023 2024
Q1 Q2 Q3 Q2 Q1 Q2Q4Q3Q1Q4 Q3
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 9 Months Full year
Research and development, SEK m
Jul–Sep  
2024
Jul–Sep  
2023 ∆%
Jan–Sep  
2024
Jan–Sep  
2023 ∆% 2023
Research and development spending –6,554 –5,894 11. 2 –20,420 –19,615 4.1 –26,943
Capitalised development costs 4,18 3 4,151 0.8 13,708 13,941 –1.7 18,912
Amortisation of research and development –1,0321) –1,166 –11. 5 –5,2431) –3,496 50.0 –4,853
Research and development expenses –3,403 –2,909 17. 0 –11, 955 –9,170 30.4 –12,884
1)  Ready for use dates for EX90 and contract manufactured PS3 assets, based on the same platform, were reassessed during the quarter due to 
adjusted customer car production. The adjustment resulted in a decrease in Research and development expenses in the quarter with SEK 1,006 m.

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

VOLVO CAR GROUP
12 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
CASH FLOW
The comparative figures for the cash flow items refer to the
consolidated cash flow statement for the third 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, amounted to SEK 43.5 (57 .8) bn. Net cash
was SEK 14.5 (27 .5) bn, the decrease was largely driven 
by investing activities. Liquidity amounted to SEK 67 .4 
(75.0) bn, including undrawn credit facilities of SEK 23.9 
(17 .2) bn.
 
Cash flow from operating activities 
Cash flow from operating activities amounted to SEK 9.2
(10.1) bn. The amount consists of operating income of SEK
5.8 (4.5) bn, adjusted for depreciation and amortisation of
SEK 4.6 (4.2) bn, together with paid income tax of SEK –1.3
(–1.0) bn.
The change in working capital amounted to SEK 2.9 (1.0) 
bn, mainly driven by seasonal inventory decrease of SEK 2.9 
(–4.5) bn, but also by changes in other working capital due 
VAT receivables of SEK –2.3 (–0.4) bn.
Cash flow from investing activities
Cash flow from investing activities amounted to SEK –9.6
(–8.4) bn. Cash flow from investments in tangible assets
amounted to SEK –5.1 (–3.2) bn, mainly driven by the 
industrial structure to prepare for future products.
 Investments in intangible assets amounted to SEK –4.1
(–4.5) bn, as a result of continuous investments in new and
upcoming car models and new technology, such as  
electrification technology and Advanced Driver Assistance 
Systems.
Cash flow from financing activities 
Cash flow from financing activities amounted to SEK 3.4 
(–0.2) bn. The changes were mainly related to matured 
marketable securities of SEK 3.5 bn.
–20
–4
–12
–8
–16
20
16
12
–20
–4
–12
–8
–16
20
16
12
0
8
4
0
8
4
Q4
2022 2023 2024
Q1 Q2 Q1 Q2Q4Q3 Q3
Total, SEKbn LTM*, SEKbn
Cash flow from Operating and Investing activities
*Last twelve months
3 Months 9 Months Full year
Cash flow statement, SEK bn Jul–Sep 2024 Jul–Sep 2023 Jan–Sep 2024 Jan–Sep 2023 2023
Cash flow from operating  activities 9.2 10.1 21.1 24.7 42.9
Cash flow from investing  activities –9.6 –8.4 –33.5 –39.7 –51.8
Cash flow from operating and investing activities –0.4 1.7 –12.5 –15.0 –9.0
Cash flow from financing activities 3.4 –0.2 6.8 3.9 –5.3
Cash flow for the period 3.0 1.5 –5.6 –11.1 –14.2

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

VOLVO CAR GROUP
13 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUP
First nine months
 INCOME AND RESULT
Volvo Cars’ revenue amounted to SEK 288.1 (289.9) bn, 
supported by wholesale volumes, which increased by 9% to 
575.5 (528.4) thousand cars. However, revenue was 
impacted by higher deferred revenue related to rental sales, 
lower contract manufacturing, sales channel mix and pricing, 
as well as unfavourable foreign exchange rate effects.
Gross income increased to SEK 60.3 (54.6) bn, resulting 
in a gross margin of 20.9 (18.8)%, an increase mainly due to 
lower material cost, as well as increased volume.
Operating income (EBIT) excluding share of income in JVs 
and associates, increased to SEK 20.7 (18.9) bn, corre -
sponding to a margin of 7 .2 (6.5)%. EBIT amounted to SEK 
18.5 (14.6) bn, resulting in an EBIT margin of 6.4 (5.0)%. 
The exchange rate effects had a negative impact on EBIT of 
SEK –1.8 bn. 
Net financial items decreased to SEK 0.5 (0.9) bn. The 
effective tax rate decreased to 28.3 (30.7)%, mainly due to 
lower non-tax deductible loss related to share of income in 
JVs and associates and associates, offset by increased with -
holding tax cost on dividends. Net income was SEK 13.6 
(10.7) bn and 4.7 (3.7)% in relation to revenue. Basic earn -
ings per share amounted to SEK 1.41 (1.01).
CASH FLOW
Total cash and cash equivalents, including marketable   
 securities, amounted to SEK 43.5 (57 .8) bn. Net cash was 
SEK 14.5 (27 .5) bn, the decrease was largely driven 
by investing activities. Liquidity amounted to SEK 67 .4 
(75.0) bn, including undrawn credit facilities of SEK 23.9 
(17 .2) bn. 
Cash flow from operating activities was positive and 
amounted to SEK 21.1 (24.7) bn. Working capital amounted 
to SEK –9.7 (–4.0) bn, mainly impacted by inventory due to 
increased ramp up of EX30 and cars under repurchase  
contracts. 
Cash flow from investing activities amounted to SEK –33.5 
(–39.8) bn. Volvo Cars continued to invest in the industrial 
structure, new technology, upcoming car models and the 
transformation into a fully electric car company. 
Cash flow from financing activities amounted to SEK 6.8 
(3.9) bn, mainly related to matured marketable securities.
EQUITY
Total equity increased to SEK 143.0 (130.5) bn, resulting in 
an equity ratio of 37 .0 (36.6)%. The change is mainly  
attributable to a positive net income of SEK 13.6 bn,  
partially offset by a negative effect on other comprehensive 
income of SEK –0.6 bn.
The change in other comprehensive income is related to a 
negative change in fair value of cash flow hedge reserve 
related to currency and commodity price risks of SEK –0.6 bn 
(net of tax). The change in value of cash flow hedges is mainly 
due to depreciated SEK compared to most of the major cur-
rencies and increased prices for raw material.
Items affecting comparability, SEK bn
Jan–Sep
2024
Jan–Sep
2023
Restructuring costs — –0.6
Total — –0.6
Changes to Revenue, SEK bn Jan–Sep
Revenue in 2023 289.9
 Volume 25.7
 Deferred revenue –13.8
 Sales mix and pricing –5.6
 Sale of licences 0.0
 Foreign exchange rates – 4.1
 Contract manufacturing –8.7
 Other1) 4.7
Revenue in 2024 28 8 .1
Change, % –1
1) Including used cars, earned emissions credits, parts and accessories.
Changes to Operating income, SEK bn Jan–Sep
EBIT in 2023 14.6
 Volume 1.6
 Sales mix and pricing – 4.1
 Government grants –0.2
 Sale of licenses – 0.1
 Foreign exchange rates –1. 8
 Share of income in JVs and associates 2.1
  Items affecting comparability 0.6
 Other 2) 5.8
EBIT in 2024 18.5
Change, % 27
2)   Mainly including cost efficiencies, used cars, emissions credits and 
parts and accessories.

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

VOLVO CAR GROUP
14 OF 30
INTERIM REPORT THIRD QUARTER 2024
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 25.
EMPLOYEES
During the first nine months of 2024, Volvo Car Group 
employed 42.6 (43.9) thousand full-time employees (FTEs) 
and 3.6 (3.9) thousand agency personnel. These decreases 
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 continues, 
including elevated interest rates, raw material price volatility, 
ongoing geopolitical complexity leading to new legislations 
and regulatory changes such as subsidies, tariffs and duties 
or application of these by relevant authorities. The uncertain -
ties in the financial markets are still high. The risks of further 
impact on demand from higher interest rate levels and lower 
consumer confidence, remain at an elevated level.

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

15 OF 30
INTERIM REPORT THIRD QUARTER 2024
VOLVO CAR GROUPVOLVO CAR GROUP

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

Consolidated Income Statements
SEK m Note 
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Revenue 2 92,783 92,045 28 8 ,115 289,902 399,343
Cost of sales –73 ,747 –73 , 9 6 8 –227,825 –235,307 –321,916
Gross income 19,036 18,077 60,290 54,595 7 7, 427
Research and development expenses –3,403 –2,909 –11, 955 –9,170 –12,884
Selling expenses –6,623 –6,576 –19,18 4 –18,977 –26,056
Administrative expenses –3,001 –2,945 –8,727 –9,179 –12,539
Other operating income and expenses –299 501 297 1,621 –381
Share of income in joint ventures and  
associates 80 –1,690 –2,256 –4,339 –5,628
Operating income 5,790 4,458 18,465 14,551 19,939
Interest income and similar credits 479 658 1,750 1,755 2,495
Interest expenses and similar charges –385 –290 –1,431 –842 –1,120
Other financial income and expenses 3 170 –104 190 15 –454
Income before tax 6,054 4,722 18,974 15,479 20,860
Income tax –1,698 –1,503 –5,377 – 4,745 –6,794
Net income 4,356 3,219 13,597 10,734 14,066
Net income attributable to
Owners of the parent company 4,208 3,001 12,898 9,944 13,053
Non-controlling interests 148 218 699 790 1,013
Basic earnings per share, SEK 5 1.41 1.01 4.33 3.34 4.38
Diluted earnings per share, SEK 5 1.41 1.01 4.33 3.34 4.38
VOLVO CAR GROUP
16 OF 30
INTERIM REPORT THIRD QUARTER 2024

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

SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Net income for the period 4,356 3,219 13,597 10,734 14,066
Other comprehensive income
Items that will not be reclassified subsequently to income statement:
Remeasurements of provisions for post-employment benefits 109 1,555 35 2,412 –1, 815
Tax on items that will not be reclassified to income statement –10 –331 –3 –463 424
Items that have been or may be reclassified subsequently to income 
statement:
Translation difference on foreign operations 32 –751 3 36 –1, 240
Translation difference of hedge instruments of net investments in 
foreign operations 93 211 –148 –396 131
Change in fair value of cash flow hedge related to currency and  
commodity price risks 1,461 865 –688 –2,315 1,976
Tax on items that have been or may be reclassified to income 
statement –320 –222 172 557 –435
Other comprehensive income, net of income tax 1,365 1,327 –629 –169 –959
Total comprehensive income for the period 5,721 4,546 12,968 10,565 13 ,107
Total comprehensive income attributable to
Owners of the parent company 5,631 4,309 12,195 9,808 12,343
Non-controlling interests 90 237 773 757 764
5,721 4,546 12,968 10,565 13 ,107
Consolidated Comprehensive Income
VOLVO CAR GROUP
17 OF 30
INTERIM REPORT THIRD QUARTER 2024

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

Consolidated Balance Sheets
SEK m Note
30 Sep 
2024
31 Dec 
2023
ASSETS  
Non-current assets  
Intangible assets  81,166 72,10 4
Tangible assets  97,73 4 8 4 ,113
Financial assets
 Investments in joint ventures and associates 4 11, 8 55 14,142
 Other securities holdings 1) 3 12,035 11, 9 4 3
 Other interest-bearing receivables, non-current 1) 3 1,571 1,363
 Derivative assets, non-current 3 1,820 2,094
Deferred tax assets  11,10 3 10,135
Other non-current assets 1) 3 , 974 3,513
Total non-current assets  221,258 199,407
Current assets
Inventories 78 ,711 57, 0 5 8
Financial assets
 Accounts receivable 1) 4 23,878 19,257
 Other interest-bearing receivables, current 1) 3 1,295 1,483
 Derivative assets, current 3 2,186 1,988
 Marketable securities 3 565 9,918
 Cash and cash equivalents 3 42,965 47, 8 61
Current tax assets 2,342 997
Other current assets 1) 13, 243 18,393
Total current assets 165,185 156,955
TOTAL ASSETS 386,443 356,362
EQUITY & LIABILITIES
Equity
Equity attributable to owners of the parent company 138,361 126,371
Non-controlling interests 4,676 4 ,114
Total equity 143,037 130,485
Non-current liabilities
Provisions for post-employment benefits 7, 627 7, 610
Provisions, non-current 8,695 7, 5 8 2
Financial liabilities
 Liabilities to credit institutions, non-current 3 4,16 4 4,562
 Bonds, non-current 3 18,618 18,087
 Other interest-bearing liabilities, non- current 1) 3 2,275 1,662
 Derivative liabilities, non-current 3 402 424
 Lease liabilities, non-current 6,136 4,786
Contract liabilities to customers, non-current 9,312 8 ,14 8
Deferred tax liabilities 12,500 8,293
Other non-current liabilities 1) 2,027 3,726
Total non-current liabilities 71,756 64,881
Current liabilities
Provisions, current 13,094 13 ,117
Financial liabilities
 Accounts payable 4 65,693 62,304
 Liabilities to credit institutions, current 3 838 937
 Bonds, current 3 5,643 6,660
 Other interest-bearing liabilities, current 1) 3 17, 93 3 7, 0 6 5
 Derivative liabilities, current 3 1,408 1,055
 Lease liabilities, current 1,853 1,242
Contract liabilities to customers, current 29,727 30, 817
Current tax liabilities 1,098 1,607
Other current liabilities 1)  4 34,363 36,193
Total current liabilities 171,650 160,996
TOTAL EQUITY & LIABILITIES 386,443 356,362
1)  In the first quarter 2024, Volvo Cars 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
18 OF 30
INTERIM REPORT THIRD QUARTER 2024

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

Consolidated Statement of Changes in Equity
SEK m
30 Sep
2024
31 Dec
2023
Opening balance 130,485 117, 278
Net income for the period 13,597 14,066
Other comprehensive income, net of income tax –629 –959
Total comprehensive income 12,968 13 ,107
Transactions with owners
Divestment of non-controlling interest 1)  –210 —
Distribution of shares 2) –92 —
Acquisition of treasury shares –190 —
Share-based payments 76 109
Change in the Group’s composition — –9
Transactions with owners –416 100
Closing balance 143,037 130,485
Attributable to
Owners of the parent company 138,361 126,371
Non-controlling interests 4,676 4 ,114
Closing balance 143,037 130,485
1) Refers to the divestment of non-controlling interest in HaleyTek AB.
2)  Refers to distribution of Polestar shares.
VOLVO CAR GROUP
19 OF 30
INTERIM REPORT THIRD QUARTER 2024

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

Consolidated Statement of Cash Flows
SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
OPERATING ACTIVITIES
Operating income 5,790 4,458 18,465 14,551 19,939
Depreciation and amortisation of non-current assets 4,579 4,193 15,972 12,527 17, 4 49
Dividends received from joint ventures and associates 100 — 213 88 88
Interest and similar items received 479 658 1,750 1,755 2,495
Interest and similar items paid –156 –253 –1,369 –1,042 –1,710
Other financial items 9 –29 –728 40 178
Income tax paid –1, 259 –951 –3,766 –4,078 –4,486
Adjustments for other non-cash items –3,233 1,039 229 4,899 6,087
 6,309 9,115 30,766 28,740 40,040
Movements in working capital
Change in inventories 2,903 –4,549 –21,182 –12,046 –11, 3 41
Change in accounts receivable 335 4,195 –4,533 4,150 4,750
Change in accounts payable –857 –802 4,292 – 5 , 274 –2,918
Change in provisions 2,069 472 –188 –2 , 611 –1,914
Change in contract liabilities to customers 788 2,058 1,907 6,131 8,707
Change in other working capital –2,335 –365 9,992 5,637 5,543
Cash flow from movements in working capital 2,903 1,009 –9,712 – 4,013 2,827
Cash flow from operating activities 9,212 10,124 21,054 24,727 42,867
INVESTING ACTIVITIES
Investments in shares and participations –1,041 –273 –2,363 –820 –1,151
Divestment in shares and participations — –178 –217 –178 –178
Loans to affiliated companies –17 –535 –76 –9,696 –11, 9 9 0
Investments in intangible assets –4,075 – 4,514 –14,695 –15,453 –20,680
Investments in tangible assets –5,091 –3,202 –16,977 –13,989 –18,485
Disposal of tangible assets 611 232 791 373 642
Other — 75 — — —
Cash flow from investing activities –9,613 –8,395 –33,537 –39,763 –51,842
Cash flow from operating and investing activities –401 1,729 –12,483 –15,036 –8,975
FINANCING ACTIVITIES
Proceeds from credit institutions –27 –39 34 1,546 3,970
Proceeds from bond issuance — — 5,857 1,500 1,500
Acquisition of treasury shares –190 — –190 — —
Repayment of bond — — –6,936 –2,000 –2,000
Repayment of liabilities to credit institutions –59 17 –562 –359 –673
Repayment of interest-bearing liabilities –526 –423 –1,4 45 –1, 276 –1,747
Investments in marketable securities — –335 — –695 –10,792
Matured marketable securities 3 , 474 335 9,700 4 ,116 4 ,115
Other 692 232 376 1,056 376
Cash flow from financing activities 3,364 –213 6,834 3,888 –5,251
Cash flow for the period 2,963 1,516 –5,649 –11,14 8 –14,226
Cash and cash equivalents at beginning of period 3 9, 911 51,701 47, 8 61 63,743 63,743
Exchange difference on cash and cash equivalents 91 –451 753 171 –1,656
Cash and cash equivalents at end of period 42,965 52,766 42,965 52,766 47, 8 61
VOLVO CAR GROUP
20 OF 30
INTERIM REPORT THIRD QUARTER 2024

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

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. 
 
NOTE 2  – Revenue
Revenue allocated to geographical regions
SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Europe 47 ,400 39,960 149,630 130,551 184,894
 of which Sweden1) 12,887 10,382 33,809 35,125 47,029
 of which United Kingdom 8,477 4,663 21,962 14,742 21,661
 of which Germany 6,973 5,681 20,824 16,475 24,942
US 17,70 0 16,952 50, 212 56 ,114 75,172
China 13,033 18 , 811 45,244 55,036 73,545
Other markets 14,650 16,322 43,029 48,201 65,732
 of which South Korea 1,690 1,941 5,198 6 ,111 8,336
 of which Japan 1,576 1,798 4,401 6,300 7, 673
Total 92,783 92,045 288, 1 15 289,902 399,343
Revenue allocated to category
SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Sales of new cars 67,121 68,465 220,549 221,156 3 07, 5 49
Sales of used cars 7, 0 0 8 4,368 17, 914 12,361 18,505
Sales of parts and accessories 9,556 9,235 28,628 27,781 37,170
Revenue from subscription, leasing and rental  business 1,820 1,603 4,750 4,129 5,463
Sales of licences and royalties 164 252 630 660 798
Contract manufacturing 5,408 6,781 10,147 19,166 22,357
Emissions credits 174 164 781 439 910
Other revenue 1,532 1,177 4,716 4,210 6,591
Total 92,783 92,045 288, 1 15 289,902 399,343
1) Includes the Contract manufacturing sales channel.
VOLVO CAR GROUP
21 OF 30
INTERIM REPORT THIRD QUARTER 2024

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

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 and cash equivalents, have 
been applied consistently throughout the reporting period.   
The table below presents financial instruments by category and measurement level.
 
30 Sep 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 – convertible loan 1) 2 10,618 10,618 10,270 10,270
Other securities holdings – equity instruments 2) 3 1,372 1,372 1,507 1,507
Other securities holdings – equity instruments 6) 1 45 45 166 166
Derivatives for hedging of currency risk 2 441 441 411 411
Derivatives for hedging of commodity price risk 2 8 8 — —
Derivatives for hedging of interest rate risk 2 216 216 4 4
Interest-bearing securities 3) 2 894 894 50 50
13,594 13,594 12,408 12,408
Financial assets carried at fair value through profit or loss  
designated hedging instruments
Derivatives for hedging of currency risk 2 2,507 2,507 3,557 3,557
Derivatives for hedging of commodity price risk 2 834 834 110 110
3,341 3,341 3,667 3,667
Financial assets carried at amortised cost
Accounts receivable 6) — 23,878 23,878 19,257 19,257
Other interest-bearing assets, non-current and current 6) — 2,866 2,881 2,846 2,928
Time deposits 4) — 4,563 4,586 16,533 16,602
Cash and cash equivalents — 38,073 38,073 41,197 41,197
69,380 69,418 79,833 79,984
Financial liabilities carried at fair value through profit or loss
Derivatives for hedging of currency risk 2 100 100 56 56
Derivatives for hedging of commodity price risk 2 48 48 — —
Derivatives for hedging of interest rate risk 2 174 174 297 297
322 322 353 353
Financial liabilities carried at fair value through profit or loss  
designated hedging instruments
Derivatives for hedging of currency risk 2 856 856 865 865
Derivatives for hedging of commodity price risk 2 632 632 261 261
1,488 1,488 1,126 1,126
Financial liabilities carried at amortised cost
Accounts payable — 65,693 65,693 62,304 62,304
Bonds and liabilities to credit institutions, non-current and current 5) — 29,263 29,206 30,246 30,224 
Other interest-bearing liabilities, non-current and current 6) — 20,208 20,208 8,727 8,727
115 ,16 4 115 ,107 101,277 101,255
1)  The value of the conversion option connected to the convertible loan receivable to the Polestar Group is nil.
2)   Equity instruments at level 3 include 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 amounted to SEK 2 (42) m in the balance sheet. Changes in the equity instruments at level 3 are recog -
nised in the income statement as Share of income in joint ventures and associates amounted to SEK –580 (–2,654) m and Other financial income 
and expenses amounted to SEK 278 (–217) m. 
3)  Whereof SEK 894 (50) m are reported as cash and cash equivalents. 
4)   Whereof SEK 565 (9,918) m are reported as marketable securities in the balance sheet and SEK 3,998 (6,615) m are reported as cash and cash 
equivalents.
5)  The carrying amount of the bonds and liabilities to credit institutions including a fair value adjustment amounting to SEK 232 (–46) m, which relates 
to the fair value hedging.
6)  The 2023 figures have been adjusted to reflect the reclassification of certain items in the balance sheet, see footnote 1 to the Consolidated balance 
sheet.
VOLVO CAR GROUP
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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 joint 
ventures and associates. All transactions with Related Parties are performed at arm’s length. 
Significant events and agreements with Related Parties during the third quarter
In August, Volvo Cars acquired the remaining 40% of the shares in HaleyTek AB from ECARX Technology Ltd and HaleyTek is 
thereafter a wholly-owned subsidiary to Volvo Cars. Purchase consideration amounted to SEK 210 m. 
Transactions with Related Parties
Related Party transactions are specified in the below tables. The nature of significant transactions with Related Parties are 
 provided in Note 4 - Related Party transactions in the Annual Report 2023. 
Related Party transactions specified below but not previously described in the annual report are:
• Sales to Volvo Car Financial Services UK Ltd, mainly sales of cars.
• Purchases from Zhejiang Haoqing Automobile Manufacturing Co., Ltd, mainly related to EM90 and EX30. 
• Purchases from Geely Changxing Automatic Transmission Co., Ltd, mainly related to gearboxes. 
Sales of goods, services and other
SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Related companies 1)2) 6,287 8,025 13,077 22,935 27, 25 3
  of which Polestar Automotive Holding UK Group 5,804 7 ,648 11,76 0 21,081 24,939
  of which Ningbo Fuhong Auto Sales Co., Ltd 279 260 736 1,270 1,467
Associated companies and joint ventures 2,430 761 6,464 1,530 2,705
  of which Volvo Car Financial Services UK Ltd 2,080 417 5,433 497 1,337
Purchases of goods, services and other
SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Related companies 1)2) –10,803 –6,298 –45,873 –22,734 –33,519
   of which Zhejiang Geely Automobile Co.,Ltd – 5,102 18 –25,373 — – 3 ,169
  of which Powertrain Engineering Sweden AB –2,913 –2,934 –11, 24 3 –9,299 –13,517
  of which Zhangjiakou Aurobay Powertrain 
Manufacturing Co., Ltd –1,052 –1,540 –2,998 –6,050 –7, 3 0 4
  of which Zhejiang Haoqing Automobile 
Manufacturing Co., Ltd –440 — –1,742 — —
  of which Geely Changxing Automatic 
Transmission Co., Ltd –481 –471 –1, 259 –1,19 0 –1,420
  of which Viridi E-Mobility Technology (Ningbo) 
Co., Ltd –410 –469 –1,110 –1,660 –2,079
  of which Ningbo Geely Automobile Research & 
Development Co., Ltd 3 –487 –462 –1,487 –1,667
Associated companies and joint ventures –806 –777 –1,960 –2,330 –2,958
Receivables 3) Payables 3)
SEK m
30 Sep
2024
31 Dec
2023
30 Sep
2024
31 Dec
2023
Related companies 1)2) 20,359 21,534 12,348 14,941
Associated companies and joint ventures 2,199 2,545 697 627
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 receivables amounts to SEK 12,524 (11,543) m. Non-current part of payables amounts to SEK 2 (4) m.
VOLVO CAR GROUP
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NOTE 5  – Earnings per share
Basic earnings per share, SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Net income attributable to owners of the  
parent company 4,208 3,001 12,898 9,944 13,053
Net income attributable to owners of  
ordinary shares in the parent company 4,208 3,001 12,898 9,944 13,053
Weighted average number of ordinary shares  
outstanding, basic 1) 2,975,190,846 2,979,524,179 2,978,079,735 2,979,524,179 2,979,524,179
Basic earnings per share, SEK 1.41 1.01 4.33 3.34 4.38
Diluted earnings per share, SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Net income in basic earnings per share 4,208 3,001 12,898 9,944 13,053
Net income in diluted earnings per share 4,208 3,001 12,898 9,944 13,053
Weighted average number of ordinary shares  
outstanding, basic 1) 2,975,190,846 2,979,524,179 2,978,079,735 2,979,524,179 2,979,524,179
Dilutive effect for share-based payment 
programmes 2,388,606 1,157,192 1,958,404 643,815 778,275
Weighted average number of ordinary 
shares outstanding, diluted 2,977,579,452 2,980,681,371 2,980,038,139 2,980,167 ,994 2,980,302,454
Diluted earnings per share, SEK 1.41 1.01 4.33 3.34 4.38
1) The weighted average number of outstanding shares takes into account the weighted average effect of changes in treasury shares during the period.  
NOTE 6  – Significant events after the period
No significant events have occurred after the period. 
The section Risks and uncertainty factors on page 14 contains information on Volvo Cars’ assessments of the global  
environment on the Group.
VOLVO CAR GROUP
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Condensed Parent Company  
Income Statements
Condensed Parent Company
Balance Sheets
SEK m
Jul–Sep  
2024
Jul–Sep  
2023
Jan–Sep  
2024
Jan–Sep  
2023
Full year 
2023
Administrative expenses –8 –6 –28 –18 –30
Operating loss –8 –6 –28 –18 –30
Interest income and similar credits 372 370 1,209 1,036 1,452
Interest expenses and similar charges –269 –208 –745 –605 –825
Other financial income and expenses 1) –5 –6 –17 –19 2,979
Income before tax 90 150 419 394 3,576
Income tax –16 –31 –80 –81 –95
Net income 74 119 339 313 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.
SEK m  
30 Sep 
2024
31 Dec 
2023
ASSETS
Non-current assets 42,667 42,367
Current assets 15,960 25,999
TOTAL ASSETS 58,627 68,366
EQUITY & LIABILITIES
Equity
Restricted equity 1) 61 61
Non-restricted equity 2) 30,761 39,844
Total equity 30,822 39,905
Non-current liabilities 21,632 21,338
Current liabilities 6,173 7,123
Total liabilities 27, 8 0 5 28,461
TOTAL EQUITY & LIABILITIES 58,627 68,366
1)  During the second quarter of 2024, Volvo Car AB (publ.) made a share split (2:1) of the class B shares. 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. 
2)  The equity is reduced by SEK –9,308 m relating to the distribution of shares in Polestar Automotive Holding UK PLC.
VOLVO CAR GROUP
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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 (traded under the ticker 
VOLCAR). The largest owner, holding 78.65% of shares and 
capital, is Geely Sweden Holdings AB, owned by Shanghai 
Geely Zhaoyuan International Investment Co., Ltd., regis -
tered 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 financ -
ing solutions. Volvo Car AB (publ.), indirectly through Volvo 
Car Corporation and its subsidiaries, operates in the automo -
tive 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 a cord for charging. 
ICE
Internal combustion engine, including all powertrain types 
except plug-in hybrids (PHEV) and fully electric vehicles 
(BEV).
MHEV
Mild hybrid electric vehicle utilises 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.
Repurchase cars
Cars under repurchase agreement are cars such as company 
cars and cars sold to rental companies. These cars are sold 
under a contract with a commitment (the right or obligation 
to buy back the car). 
VOLVO CAR GROUP
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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 invest -
ing cash flow presents the allocation of 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 and bonds. 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
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Alternative performance measures are presented in SEK m 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
SEK m
Jul–Sep
2024
Jul–Sep
2023
Full year 
2023
Revenue 92,783 92,045 399,343
Cost of sales –73 ,747 –73 , 9 6 8 –321,916
Research and development expenses –3,403 –2,909 –12,884
Operating income (EBIT) 5,790 4,458 19,939
EBIT excl. share of income in JVs & associates 5,710 6,14 8 25,567
Net income 4,356 3,219 14,066
EBITDA 10,369 8,651 37, 3 8 8
Gross margin, % 20.5 19.6 19.4
EBIT margin, % 6.2 4.8 5.0
EBIT margin excl. share of income in JVs & associates, % 6.2 6.7 6.4
EBITDA margin, % 11. 2 9.4 9.4
RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES
VOLVO CAR GROUP
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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 08:00 CET on 23 October, President & CEO Jim Rowan 
and CFO Johan Ekdahl will host a livestream for media, 
investors 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
6 February 2025: Q4 and full year 2024 report
3 April 2025:  Annual General Meeting
29 April 2025: Q1 2025 report
17 July 2025: Q2 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, 22 October 2024
Jim Rowan
President and CEO
This report has not been subject to review by Volvo Car AB’s auditors.
VOLVO CAR GROUP
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