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 redesigned 2026 Genesis GV70 EV is arriving with significant discounts of up to $14,000. Genesis upgraded the luxury electric SUV with a longer driving range and a refined design, both inside and out. Here’s how you can score some savings.
Genesis introduces 2026 GV70 EV discounts
After launching the updated model in Korea earlier this year, the new GV70 EV is now arriving in the US. The new 2026 Genesis Electrified GV70 is an improvement in nearly every way compared to the outgoing model.
Like the gas-powered model, the EV version features a revamped design with a new Crest grille, a revised bumper, and MLA technology added to the Two-Tone headlights.
Inside, the GV70 EV has been “reborn” with more space and luxury. A new 27″ screen combines the infotainment and driver display, while the climate control now has a separate screen. Other premium features like the crystal electronic shift dial remain.
Powered by a larger 84 kWh battery, the new GV70 EV offers a driving range of up to 423 km (263 miles) in Korea, an increase from 400 km (249 miles) in the outgoing model with a 77.4 kWh battery.
Although US specs have yet to be announced, the 2026 model is expected to feature slightly more driving range than the current 236-mile EPA rating for the 2025 GV70. It’s expected to provide closer to 250 miles of range. It will also include an NACS port for charging at Tesla Superchargers.
According to a recent note sent to dealers viewed by CarsDirect, the 2026 Genesis GV70 EV is already available with discounts of up to $14,000 for a 24-month lease.
The savings vary by trim, with up to $3,500 in lease cash available on the Standard trim and up to $ 5,250 on the Advanced trim. Meanwhile, the range-topping Prestige trim features up to $14,000 in lease cash discounts.
Although the discount is significantly higher, the Prestige model also has a higher lease rate of 5.4% compared to 0.1% for the Advanced trim.
If you choose the 36-month loan, lease cash drops to just $500 for the Advanced and $3,250 for the Prestige. The base Standard trim offers no lease cash, but has a lease rate close to 0%. Other special finance rates include 5.99% APR for 60 months and 6.49% for 72-month loans.
The national lease offer is $679 for 36 months based on the Standard trim with an MSRP of $65,830. With $5,999 due at signing, the effective monthly cost is $845. The offer ends on April 30.
If you’re looking for a cheaper lease option, the upgraded 2025 Hyundai IONIQ 5 is one of the most affordable EV lease deals right now. It starts at just $199 for 24 months with $3,999 due at signing.
Ready to score some savings while they are still here? We can help you get started. You can use our links below to find deals on the Genesis GV70 EV and Hyundai IONIQ 5 in your area.
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The 2025 edition of the ACT Expo hasn’t even started yet, but there’s already at least one big takeaway wort talking about: the Tesla-fighting Windrose electric semi truck from China Belgium is not coming to America … it’s already here. And it’s already in customers’ hands.
The Chinese Belgian heavy truck manufacturer announced plans to build its R700 Class 8 electric truck in the US in a bid to sidestep the heavy tariffs and trade restrictions on imported HDEVs last year – and last week, the company delivered the first-ever all electric, long-haul sleeper truck to a US fleet customer.
The trucks are deployed by JoyRide Logistics, a Phoenix-based carrier and the first US regional trucking company to operate fully electric sleeper trucks on long (-ish) distance routes that include overnight drives. The initial rollout is happening in Arizona, California, and Nevada, with nationwide expansion already “in sight,” according to both companies.
“This isn’t just a prototype or promise-this is a fully operational, long-range electric truck that’s ready to haul freight today,” says Wen Han, founder and CEO of Windrose. “We’ve validated our technology globally and are proud to bring it to the US – one of the most important logistics markets in the world.”
Meeting the needs
JoyRide Logistics LLC partners with a number of its Fortune 500 customers, many of whom have public ESG goals and are actively working to reduce Scope 3 emissions. The integration of the Windrose R700 electric semis into their fleets is a targeted effort to help achieve their stated sustainability goals.
“Partnering with Windrose allows us to stay ahead-not just on sustainability, but on total operational performance,” said Adis Danan, President at JoyRide Logistics. “We’re talking fuel savings, reduced maintenance, and a future-ready fleet that our customers can get behind. We want to make electric logistics efficient, scalable-and cool.”
Windrose brought one of its all-electric R700 Class 8 trucks to this year’s ACT Expo, giving journalists and fleet buyers a chance to see the truck first hand. At last year’s show, Windrose impressed with a preproduction truck featuring what appeared to be a slick UI, well-finished interior, and solid construction.
The R700 packs a 729 kWh battery is reportedly good for about 420 miles of range on a single charge with a full, 49 ton GVW. The company has shown concepts (some renderings, some mules) in long-haul, severe duty, and dump body configurations.
Windrose is backed by HSBC, Citi, Fountainvest, GSR Ventures, HITE Hedge, Goodman Group, and other world-renowned investors, and has now worked with Decathlon, Remy Cointreau, Nestle Wyeth Nutrition, and many other top brands. Watch this space for more.
Electrek’s Take
In a bid to shake the “Chinese truck” stigmas in the west, Windrose has moved its corporate offices and is now based in Antwerp, Belgium – but it doesn’t matter if they say they’re based on Venus. The fact remains they have a capable, competent battery electric sleeper truck in the US and in customers’ hands right now … and they are absolutely full speed ahead.
SOURCE | IMAGES: Windrose; via Access Newswire, CleanTrucking.
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Toyota is preparing to launch two new electric vehicles in China by mid-2026. The flagship Toyota bZ7 and Lexus ES are part of Toyota’s effort to regain market share from domestic electric vehicle (EV) leaders like BYD. Here’s our first look at the sleek new electric cars.
Meet the new Toyota bZ7 and Lexus ES EVs
At Auto Shanghai 2025 last week, Toyota announced plans to expand its electric vehicle (EV) lineup in China. According to Toyota, China is a “highly advanced market that leads the way in electrification.”
To keep pace, Toyota unveiled its new flagship electric sedan, the bZ7. The new bZ7 was developed locally with Guangzhou Automobile Group (GAC), Guangzhou Toyota Motor Co, and Intelligent ElectroMobility R&D Center by TOYOTA.
The bZ7 is over 5 meters long and will compete with the BYD Han L, Tesla Model S, BMW i5, and other premium EV models in China.
Toyota said the electric sedan will feature its “safe, reliable, and high-quality manufacturing” while infusing “China’s advanced tech.”
Although no other details were offered, Toyota said its new flagship EV will be equipped with the latest intelligent tech and is expected to launch within a year. The bZ7 will join the bZ4X, bZ3, bZ3X, and bZ5 in Toyota’s expanding EV lineup for China.
Toyota also unveiled the new Lexus ES at the event. The new model will be the first next-gen Lexus with EV and HEV powertrain options.
The eighth-gen ES is based on the LF-ZC concept, marking the beginning of the next generation of Lexus. The EV version will be available with FWD and AWD powertrain options, offering driving ranges of up to 685 km (425 miles) and 610 km (379 miles) on the CLTC cycle, respectively.
Inside, Lexus said the ES will debut with the world’s first Responsive Hidden Switches, which “seamlessly blends physical controls into the interior” for added convenience. It will also include a Lexus-first, Sensory Concierge, for a personalized in-car experience.
Lexus’ new electric sedan is 5,140 mm long, 1,920 mm wide, and 1,560 mm tall, approximately the same size as BYD’s Han L model (5,050 mm long, 1,960 mm wide, and 1,505 mm tall).
The ES is the second of three new Lexus electric vehicles set to debut by March 2026. It will follow the RZ and UX in the luxury brand’s EV lineup for China.
What are your thoughts on the new Toyota bZ7 and Lexus ES? Can they compete in China’s intensifying EV market? Let us know in the comments below.
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