Our 2023 Annual and Sustainability Report is here!

Last year was a strong one for Volvo Cars. With record sales, revenues, and profits, 2023 was in many ways the best year in our 97-year history from an operational and financial point of view. Our success laid a firm foundation for 2024 and the years ahead as we continue our strategic transformation.

But of course, a large globe-spanning company always has more stories to tell. This is where our Annual and Sustainability Report for 2023 comes in. The report is actually one page shorter than last year’s edition (204 vs. 205 pages!), but you won’t find a more detailed overview of our company’s performance over the past year anywhere else.

On top of that, it also lays out the roadmap for our strategy in the coming years and tracks our progress in a variety of areas, not least with regard to our sustainability ambitions. The report is full of little nuggets:

• For example, did you know that we already use 74 percent climate-neutral energy in our operations, including 98 percent climate-neutral electricity?
• We reuse and recycle 92 percent of all the waste in our operations, getting ever closer to our 2030 ambition.
• Our 2023 revenue of SEK 399 billion, on the back of record retail sales of 708,716 cars, was a new company record.
• Our core operating profit of SEK 25.6 billion, up 43 percent versus 2022, was also an all-time high.

The report also contains several highlights related to responsible business:

• On International Women’s Day 2023, we announced a partnership with Girls Who Code, an international non-profit that helps young girls pursue opportunities in the tech sector.
• At our assembly plant in Malaysia, we achieved 1,500 days without any stoppages related to incidents — a significant milestone in terms of employee safety.
• In Sweden, we engaged in several employment programs aimed at specific groups in society, helping them develop their talents and facilitate their entry into the job market.
• To increase the traceability of battery raw materials, we have expanded use of blockchain technology.
• In order to address risks, including supply chain transparency and ethical mining practices, we have joined the Responsible Mica Initiative.
• We have also expanded our green financing portfolio by raising SEK 1.5 bn in green bonds and a drawdown of EUR 200m from existing facility.

To learn more about these figures, initiatives, and other stories from our company throughout 2023, you can download the entire report here .