Volvo Cars said on Friday that due to strong demand, the company reported record revenue and profitability for the full year of 2021.
Despite persistent component supply shortages in the auto industry, Volvo Cars' revenue for 2021 amounted to 282 billion SEK (30.42 billion U.S. dollars), up from 262.8 billion SEK in 2020, the company said in a press release.
The company also reported an operating income of 20.3 billion SEK for the year, up from 8.5 billion SEK in 2020.
"We increased market share globally and delivered all-time high revenue and profitability," said Hakan Samuelsson, chief executive Volvo Cars, in the release.
The company also said the share of fully electric cars as part of total sales will continue to grow as its annual production capacity for fully electric cars increase to 150,000 cars after summer.
For the full year 2022, the company expects that share to have more than doubled compared with the full year 2021.
Volvo Cars, acquired by Chinese automaker Geely in 2010, employed approximately 41,000 full-time employees as of December 2021.
Source: Xinhua
