Volvo Cars reports sales of 42,067 cars in February, share of electrified cars increased to 33%

Volvo Cars reports sales of 42,067 cars in February, a decline by 17.2 per cent compared with the same month last year. Demand for Volvo Cars products remains strong.

As the supply chain constraints continue to slowly ease, production is improving month over month. The company is approaching its year-ago production levels, which is still below ambition. Production volumes will typically impact retail deliveries with a delay of 2-3 months.

Supply shortages will remain a constraining factor for Volvo Cars and the auto industry. The escalating military conflict in Ukraine may have a negative impact on the supply chain as military conflicts cause disturbances to transport and economic activity in surrounding regions. The company is carefully monitoring the situation.

Sales of Volvo Cars’ Recharge models made up for 33.0 per cent of all Volvo cars sold globally during the month. Sales of fully electric cars increased by 229.5 per cent compared with the same month last year and made up 7.9 per cent of total sales.

In the first two months of the year, Volvo Cars sold 89,628 cars, a decline by 18.8 per cent compared with the same period last year. Recharge sales increased by 7.0 per cent in the first two months of the year, compared with the same period last year, accounting for 32.3 per cent of total sales. Fully electric cars increased by 174.9 per cent and made up 7.2 per cent of total sales during the period.

European sales in February fell 18.6 per cent to 19,512 cars sold, with Recharge models making up more than half of total European sales during the month. In the first two months of the year, Volvo Cars sold 38,203 cars in Europe, down 21.8 per cent compared with the same period last year.

In China, sales declined by 13.8 per cent to 8,691 cars in February. In the first two months of the year, Volvo Cars sold 23,320 cars in China, a decline of 20.3 per cent compared with the same period last year.

US sales reached 6,219 cars in February, down 32.1 per cent compared with the same month last year. In the first two months of the year, Volvo Cars sold 13,329 cars in the US, down 23.0 percent compared with the same period last year.

In February 2022, the XC60 was the company’s top selling model with 13,503 cars (2021: 14,463 units), followed by the XC40 with 12,611 cars (2021: 15,818 units) and the XC90 with sales of 5,582 cars (2021: 6,808 units).

For further information please contact:

Volvo Cars Media Relations

+46 31-59 65 25

media@volvocars.com

Volvo Cars Investor Relations

Anna Oxenstierna

+46 31-793 94 00

investors@volvocars.com

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Volvo Cars in 2021

Volvo Car Group recorded an operating profit of 20.3 BSEK. Revenue in 2021 amounted to 282.0 BSEK, while global sales reached 698,700 cars.

About Volvo Car Group

Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.

Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.

As of December 2021, Volvo Cars employed approximately 41,000 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China).

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