Volvo Cars’ second quarter financial results 2022 are now published with a steady earning in the face of ongoing economic turbulence.
Volvo Cars retail sales amounted to 143,006 cars, down 27 percent compared to the same period last year. However, revenues amounted to SEK 71.3 billion, with only 2 percent down compared to last year’s period.
The second quarter sales performance was largely affected by the ongoing supply constraints as a result of the Covid lockdown in China. This causes issues in the company’s retail deliveries and production in China and Europe.
At present, Volvo Cars is seeing a marked improvement in the stabilisation of its supply chain with production making a strong comeback in June.
The CEO of Volvo Cars, Jim Rowan, said ‘When looking back at Volvo Cars’ performance during a very turbulent second quarter, we are satisfied that we have delivered steady earnings. The demand for our products remains robust and we remain focused and clear that the short-term business challenges will not weaken our resolve to meet our mid-to-long-term strategic ambitions. If anything, it will only speed up our pace of change.’