In the second quarter, Volvo stepped towards its electrification. It is a symbol of a broader trend in the automobile industry. It witnessed EVs and hybrids outperform conventional cars. They are available in many areas raising their prices because of the rise in gas prices.
There was a sharp rise in the proportion of pure electric. Same in hybrid vehicles, 31% of Volvo’s sales in the second quarter of this year. Though the whole unit sales were not as brilliant as what they do. That the unit sales decreased by over a quarter for the reason that the lockdown in China interrupted or had a negative impact on the supply chains.
The Swedish carmaker, is majority-owned by Chinese conglomerate Zhejiang Geely Holding. It aims to become an electric car maker by 2030. Amid growing recession fears, Several automakers have begun laying off employees and cutting costs. However, Volvo chief executive Jim Rowan said the company sees no serious threat to further growth. And it is continuing to invest in its electric vehicle strategy.
Rowan said that everyone is concerned with the recession question. However, they do not think it would be a barrier to normal production.
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Volvo says it now sees a marked improvement in its supply chain situation, with production returning strongly in June. If this normalization continues, she expects output to increase. gradually over the coming months.
As a result, Volvo Cars expects its 2022 wholesale production to be better than 2021. “However, due to the lag between production and retail distribution, the improvements made improvements,” said CEO Jim Rowan. They claimed that they did not expect that it would lead an increase in retail sales in the calendar year.
For the full year of 2022, the company expects retail sales to be flat or slightly below 2021 numbers. Volvo says pure battery electric vehicles make up 7% of total sales, and it sells for a fraction of the price. The price is 12% higher than regular Volvo cars. Volvo’s gross margin for battery electric vehicles was 15%, down from 13% in the previous quarter, but still less profitable than its combustion engine vehicles, which achieved a 22% gross margin in the second quarter.
Roeska said Volvo was the first automaker to disclose the cost-effectiveness of electric vehicles. It is compared to conventional internal combustion engine vehicles. “We view the sequential improvement in BEV as a positive sign,” he said.
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