Volvo braces for challenging year ahead after more than doubling EV sales and breaking revenue record in 2022
Volvo Cars has shared its full year report for 2022, showcasing record revenue numbers for the automaker’s entire history as it moves closer to becoming a fully-electric brand. After a strong share of EV sales in Q4, Volvo’s total percentage for the year more than doubled compared to 2021, but the automaker warns that although it successfully navigated a turbulent 2022, 2023 could prove to be just as challenging.
Volvo Cars Corp. is a global automaker headquartered in Torslanda, Sweden, and owned by Chinese conglomerate Geely Holding Group. In recent years, Volvo has helped lead by example, taking some of the industries biggest strides in embracing electrification and carbon neutrality across its various marques and production processes on its way to becoming be a fully-electric brand by 2030.
2022 was a big year for the automaker. In addition to exploring new EV technologies like wireless charging, it has begun touting several models in its next all-electric wave. This past November, we got our first full look at the upcoming EX90, which Volvo is advertising as the safest vehicle it has ever built.
It will soon join Volvo’s other EVs on the sales sheet like the C40 and XC40, which both saw refreshes that included added range, improved charging speeds, and a new RWD powertrain option. We should also see what Volvo Cars is calling its smallest and cheapest EV model sometime this summer, alongside an electric minivan – although its unclear if that EV will make it to the US.
While Volvo’s arsenal of all electric options is sure to grow in 2023, its current EVs did much of the legwork in 2022 in helping the brand see its best sales to date. We will break down some of those numbers below as we look ahead to this coming fiscal year, one in which Volvo expresses could be a tough one.
Volvo Cars EV sales accounted for 18% of 2022 total
According to Volvo’s full year sales report for 2022, it has much to celebrate, and EVs were a huge part of its success. Revenue was $32 billion for the year, up 17% compared to 2021 and the highest ever recorded in the automaker’s near 100 year history.
Its operating income (EBIT) was around $2.2 billion (+10%). Excluding joint ventures and associates, however, Volvo’s EBIT was $1.7 billion, down nearly 16% compared to a year ago.
Volvo Cars points out that the true highlight of a trying year was its EV sales. Its numbers for fully-electric models were 11% of its total, more than doubling sales compared to 4% in 2021. A huge factor in this equation was Volvo’s Q4 EV sales, which reached their highest point ever at 18% compared to a mere 6% at the same point in 2021.
If you include Volvo’s entire Recharge lineup of BEVs and plug-in hybrids, it accounted for 33% of total sales and 41% in Q4 alone. The automaker has found a huge appetite for its EVs in Brazil, Uruguay, Thailand, and Indonesia where Recharge sales were 100% last quarter. Norway was 98%.
Those Recharge sales numbers helped Volvo reduce its overall CO2 emissions per vehicle by 15% as it looks to reach a 40% reduction per vehicle by 2025. Volvo Cars president and CEO Jim Rowan spoke:
We managed through the heavy turbulence of the year and made significant progress on our strategic ambitions in 2022, as we accelerated towards our aim to become a fully electric car company by the end of the decade and climate neutral by 2040.
Volvo admits it was plagued by supply chain constraints in 2022, particularly in the first half of the year. By the second half, the automaker explains it was able to bounce back and bolstered production by 15%. 2023 looks like it could be just as challenging for the automaker, but it remains optimistic:
While 2023 looks to be another challenging year, the company is hopeful that the COVID-related supply shortages from China are behind it and that it continues to see steady improvement in the supply of semiconductors. In addition, Volvo Cars is optimistic that the price of lithium will start to decline towards the end of the year, in line with many of the independent reports recently published. Despite the global turbulence, uncertainty and the recent price increases, Volvo Cars continues to see healthy demand for its cars. As ever, the company continues to closely monitor the external environment and adapt accordingly.
Looking ahead to 2023, Volvo Cars expects double digit sales growth while increasing the production volumes of its EVs. Just as long as there are no “unexpected supply chain disruptions.” Rowan once again spoke:
We have demonstrated in 2022 that we have turned up our execution engine. This will continue to deliver in 2023.
“Executive motor,” Jim. The word you’re looking for is “motor.”
On to 2023.
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The BYD “Shenzhen” set sail on its first voyage overseas this week. With 9,200 parking spots, or about enough to fill 20 football fields, BYD’s new car transport ship is now the world’s largest.
BYD’s largest car carrier sets sail for Brazil
BYD’s Shenzhen is on its maiden voyage to Brazil after setting sail on April 27. The vessel is carrying over 7,000 new energy vehicles (NEVs), including electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs). It’s the largest single batch of NEVs exported from China so far.
The new vessel is BYD’s fourth car transport ship and the world’s largest, capable of carrying 9,000 vehicles. According to the company, that’s enough to fill about 20 football fields.
BYD launched its first car carrier, the Explorer No 1, in January 2024. It has already completed several trips to Germany, Spain, and Brazil.
Its second, the BYD Changzhou, set sail in December 2024, followed by the Hefei earlier this year. All three vessels can carry up to 7,000 vehicles, making the Shenzhen the largest so far.
The Shenzhen is named after the automaker’s hometown and demonstrates “BYD’s firm determination to promote sustainable development in Brazil.”
BYD is preparing to launch two more vessels, the Changsha and Xi’an. The Changsha is expected to launch soon, while the Xi’an was introduced on April 2.
The new car carriers will help accelerate BYD’s aggressive overseas expansion. In the first three months of 2025, the company sold over 206,000 NEVs overseas, more than double the number it sold last year.
BYD sells a wide range of vehicles in Brazil, including the low-cost Dolphin Mini, starting at around $20,000 (99,800 BRL). In October, it launched its first hybrid pickup truck, the Shark, starting at 379,800 BTL ($66,900).
Brazil is only one overseas market that BYD is targeting. BYD’s sales are expected to double in Europe in 2025, with significant growth in other key regions like Southeast Asia, Japan, Mexico, and South Korea, to name a few.
Source: BYD
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‘Tesla homes’ in a Houston neighborhood where all the homes have Tesla solar roofs and Powerwalls went for sale.
7 out of the 11 homes have reportedly already sold.
Tesla neighborhood is a term that is being used for new developments where all the homes integrate all or part of Tesla’s power ecosystem, including the Powerwall home battery pack.
The best example is a giant new development project in Austin, Texas, by Brookfield Asset Management and Dacra in which up to 12,000 new homes are to be built and offering Tesla solar roofs and Powerwalls.
However, since the announcement, it looks like only some of the homes in the new neighborhood have Tesla energy systems.
In 2022, Tesla also announced a similar project in Las Vegas.
A year later, the company claimed to have deployed “over 600 solar neighborhoods” worldwide, with a total capacity exceeding 100 MW.
One such ‘Tesla neighborhood’ is a small block of 11 townhouse homes featuring Tesla solar roofs and Powerwalls in Houston, Texas.
The homes were recently completed and went on sale, starting at $544,900.
Here are some pictures from the listings:
Utopia Homes, the developer behind the project, described the properties (via Chron):
Step into modern elegance expertly crafted by Utopia Homes. This property showcases groundbreaking Tesla Solar Roof Shingles and Power Wall technology, ensuring 100% energy security and eliminating electric bills for a truly sustainable lifestyle.
The house has proved popular according to the real estate agents, with 7 out of 11 homes already sold.
As we recently reported, Tesla’s solar roofs have proven to be a more expensive and niche product than the company previously presented.
Tesla has largely stopped discussing it, but it is still being deployed through some third-party installers, such as in this case, on new homes.
However, its Powerwall product remains a very popular solution for homeowners seeking greater energy independence and protection against outages, which have been a frequent problem in Texas.
More homeowners are turning to generators, and alternatives like home battery packs are gaining popularity.
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Canadian electric propulsion specialist Vision Marine continues to graduate beyond advanced outboard motors into a provider of all-electric boats. This month, Vision introduced two new electric pontoon boats – the 12-passenger V24 and 15-passenger V30, each capable of a range up to 90 nautical miles.
Vision Marine Technologies ($VMAR) is a Canadian technology company with over 25 years of experience in the marine industry. The company made waves (literally) by introducing its E-Motion turnkey powertrain system, which it has since integrated into a catamaran speedboat, which set a speed record of 109 mph in 2022.
Since then, Vision has introduced six hp two-cruiser vessels – the Fantail 217 and Volt 180, each capable of transporting 10 passengers via its E-Motion technology. Most recently, Vision Marine has integrated the full power of its 180 hp electric powertrain technology into two additional vessels, both electric pontoon boats.
Earlier this month, the company officially began sales of the Vision V24 and V30, which you can view below.
Vision Marine brings power and range to electric pontoons
According to Vision Marine Technologies, orders for its two new electric pontoon boats are now open, and they are touting the same E-Motion technology that put the company on the map a few years ago.
The first model is the V24, a 12-passenger electric pontoon that is 24′ 8″ in length and has 180 hp. The ultra-quiet E-Motion powertrain is powered by a standard 43 kWh marine battery pack, offering 40 nautical miles (46 miles) of all-electric range on a single charge. For added range, Vision sells a version of the electric pontoon with a second battery pack, totaling 86 kWh and delivering up to 90 nautical miles (104 miles) of range.
While the V24 offers more of a classic attempt at the pontoon boat, Vision’s additional new vessel, the all-electric V30, is a tad sportier and provides room for more passengers aboard (15). This 30′ vessel features the same E-Motion powertrain options, complete with the same two battery configurations to offer the same ranges as the V24.
However, the V30 has additional features such as 4 x 6.5″ interior speakers and cool-touch seats. Both models feature an integrated onboard charger that supports both 120- 240V (30 to 50 amps) for seamless charging, no matter the dock plug while moored.
The Vision V24 starts at $99,995 for the standard battery pack version, while the V30 starts at a higher price of $139,995. As previously mentioned, both electric pontoon boats are available to order today.
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