Volvo reports its best-ever profit for 2020 despite challenges
The Swedish automaker succeeded against all the odds last year
Volvo are flying on cloud nine at the moment. With new EVs on the way, building an environmentally-city, and more, it's been one heck of a year for the Swedish brand during 2020.
Things just got even sweeter too, as they have now posted record-breaking profits for the year, in spite of all the challenges that they had to overcome due to the pandemic. Despite these difficulties, the second-half of 2020 was actually their best-ever in terms of finances, resulting in overall reported revenue of almost $17.9 billion (nearly £13 billion.)
Of course, that doesn't include overhead costs, manufacturing or labour costs, etc. After deducting all these, Volvo still posted a record level of profit of $1.1 billion (roughly £790 million) thanks to selling a total of 391,751 cars in the second-half of 2020, an increase of 7.4% over the previous years' sales.
Naturally, it wasn't plain sailing all year, with the first half of 2020 being the total opposite, and being the most unprofitable in Volvo's history, so it really was a game of two halves for Volvo. Regarding the challenges in the first half of the year, chief executive Hakan Samelsson said that the brand had "acted decisively to limit the impact of the pandemic."
With plenty of exciting future projects in the pipeline, including more electrified cars, only time will tell whether Volvo can repeat this incredible performance for 2021.