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Volvo Cars reports second consecutive year of record sales, revenue and profits in 2024, anticipates challenging 2025

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GOTHENBURG, Sweden, Feb. 6, 2025 /PRNewswire/ —

Full Year 2024

2024 revenue was SEK 400.2 bn (SEK 399.3 bn in 2023)2024 operating income (excl. JVs and associates) was SEK 27.0 bn (SEK 25.6 bn in 2023)2024 operating income was SEK 22.3 bn (SEK 19.9 bn in 2023)2024 EBIT margin (excl. JVs and associates) was 6.8 per cent (6.4 per cent in 2023)2024 EBIT margin was 5.6 per cent (5.0 per cent in 2023)2024 basic earnings per share was SEK 5.17 (SEK 4.38 in 2023)2024 fully electric car sales share at 23 per cent (16 per cent in 2023)2024 free cash flow of SEK 1.1 bn (SEK –9.0 bn in 2023)

Quarter 4, 2024

Q4 revenue was SEK 112.1 bn (SEK 109.4 bn SEK in Q4 2023)Q4 operating income (excl. JVs and associates) was SEK 6.3 bn (SEK 6.7 bn in Q4 2023) Q4 operating income was SEK 3.9 bn SEK (SEK 5.4 bn in Q4 2023)Q4 EBIT margin (excl. JVs and associates) was 5.6 per cent (6.1 per cent in Q4 2023)Q4 EBIT margin was 3.4 per cent (4.9 per cent in Q4 2023)Q4 basic earnings per share was SEK 0.84 (SEK 1.04 in Q4 2023)Q4 fully electric car sales share at 21 per cent (16 per cent in Q4 2023)Q4 free cash flow of SEK 13.6 bn (SEK 6.1 bn in Q4 2023)

Volvo Cars had a second consecutive record-breaking year in 2024 and today reports the highest full-year retail sales, revenues and core operating profit in its 98-year history. However, the company anticipates a turbulent 2025 due to challenging market conditions.

Full-year revenues exceeded SEK 400 billion for the first time in the company’s history, due to a new all-time sales record of 763,389 cars. Its full-year core operating profit of SEK 27 billion, excluding joint ventures and associates, was another record and up 6 per cent compared to 2023. The core operating margin came in at 6.8 per cent, up from 6.4 per cent in 2023.

Group operating income in the fourth quarter was affected by a SEK 1.7 bn write-down related to assets in the NOVO joint venture, before the company took full financial control of NOVO from an accounting perspective.

Gross margins for the fourth quarter came in at 17.1 per cent, impacted by a one-time effect from the sale of on-balance sheet cars. This increased both revenue and cost of sales and lowered the Q4 gross margin. Volvo Cars also saw a considerably larger decrease in inventory during Q4 compared to the previous year, which further impacted gross margins. Margins were also affected by car line and sales channel mix as well as pricing pressure in the market, but this was partially offset by a more efficient cost structure for new car sales.

The company’s cash flow improved considerably in the latter part of the year and full-year free cash flow ended up positive at SEK 1.1 billion, thanks to diligent and disciplined cash management.

“2024 was a year of two halves,” said Jim Rowan, chief executive for Volvo Cars. “For the first six months, we recorded strong double-digit volume growth. But like the rest of the industry, we experienced a more challenging second half. Demand slowed down and this had an impact on both our sales pace and underlying profitability. Nevertheless, we can look back at 2024 with a sense of achievement in several areas and we are positioned well to achieve our long-term ambitions.”

The company’s 2024 results show that despite challenges, Volvo Cars performed better than most of its peers in the premium segment in terms of volume growth and demonstrated resilience. This also underlines the strength of its balanced product portfolio, which contains both electric cars as well as plug-in and mild hybrid models.

The company sold 175,194 fully electric cars in 2024, an increase of 54 per cent versus 2023 and representing 23 per cent of its total global sales volume, which was the highest share among all legacy premium carmakers. Sales of fully electric and plug-in hybrid models amounted to 46 per cent of all Volvo cars sold in 2024. This strong performance enabled Volvo Cars to exceed its CO2 targets as set by the EU, giving it a surplus of EU carbon credits in 2025.

The full CEO letter by Jim Rowan, with more details on the past year and the years ahead, is included in the interim report for the period and can be found here.

Looking ahead to 2025

While the company expects the market to remain weak in 2025, due to the multitude of competitive and geopolitical challenges, Volvo Cars is coming into 2025 in a solid position with strong liquidity, on the back of two record years of sales and profits.

The company’s focused strategy, balanced footprint, technological development and diversified line-up will help it navigate challenges and pave the way for its long-term future growth. It will continue to invest in and strengthen its diversified and balanced product line-up, with five new or refreshed versions of existing models coming on the market in 2025. Volvo Cars expects that these cars will help it partly mitigate the challenging market conditions in 2025.

Volvo Cars continues to double down on internal cost actions and efficiency with heightened focus on protecting cash and efficiently managing its inventories, while continuing to invest in its future. Volvo Cars is currently at the peak of its investment cycle, which will decline as planned from 2026 onwards and unlock strong, positive free cash flows.

Nevertheless, competitive pressures have increased considerably. Additionally, the strong orderbook the company developed in the last two years has now returned to pre-pandemic levels. While a smaller order book is good for customers as it results in shorter lead times, it does present the company with a challenge, particularly for the first six months of 2025, which it will manage.

This means that while Volvo Cars maintains its guidance on outgrowing the market between 2023-2026 on a CAGR basis, delivering a core EBIT margin of 7-8 per cent and generating a strong positive free cash flow in 2026, it anticipates that 2025 will be a challenging and transition year on the path to its long-term growth ambitions. The company does not anticipate the market to grow at the rate of previous years, coupled to a highly likely increase in discounts across the industry due to increased competition.

As a result, Volvo Cars anticipates it will be challenging to reach the volumes and profitability level it achieved in 2024. It also sees effects on profitability from higher amortisations as it continues to ramp up its new cars, such as the EX90 and the ES90 in 2025. However, Volvo Cars continues to focus on cash preservation and anticipates it can deliver a positive free cash flow for the full year 2025, compared to its previous guidance of neutral free cash flow.

“2025 will be a year of transition,” said Jim Rowan. “The global car industry is facing several uncertainties: cyclical, structural, transformational and geopolitical. We have navigated this environment better and faster than many of our peers, but we and the rest of the industry will be severely tested this year. At the same time, we must keep our eyes firmly on the road ahead and not sacrifice the future on the altar of the present. In other words, we must be prudent, diligent and disciplined during a turbulent 2025, while paving the way for our long-term ambitions.”

Note to editors 

Jim Rowan, chief financial officer Johan Ekdahl and chief engineering and technology officer Anders Bell will host a livestream on Volvo Cars’ 2024 results for media, investors and analysts at 08:00 CET today. The presentation will be held in English and followed by a Q&A session.

Link for livestream: https://live.volvocars.com

China-only link for livestream: https://live.volvocars.com.cn

It will be possible to ask questions during the Q&A session following the main presentation. To participate, you can either use the chat function online to type your question or you can call in. To call in, participants need to register via the link below and will then receive the dial-in details and individual PIN.

Link to register

This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 06-02-2025 07:00 CET.

For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com

Volvo Cars Investor Relations
John Hernander
+46 31-793 94 00
investors@volvocars.com

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/volvo-car-ab–publ-/r/volvo-cars-reports-second-consecutive-year-of-record-sales–revenue-and-profits-in-2024–anticipates,c4101417

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SOURCE Volvo Car AB (publ)

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X Square Robot Unveils New Embodied AI Model, Says Robots Will Arrive in Homes in 35 Days

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Backed by Alibaba, ByteDance, Xiaomi and Meituan, X Square Robot unveiled a next-generation embodied AI foundation model for home robots and said its first deployments in everyday households will begin within 35 days.

BEIJING, April 23, 2026 /PRNewswire/ — X Square Robot on Tuesday unveiled Wall-B, a new embodied AI foundation model designed for deployment in real-world homes, marking what the company described as a major step toward bringing general-purpose robots into daily family life.

At a launch event themed “Born to Bot, Bot to Family,” the company also introduced its World Unified Model (WUM) architecture, a training framework that combines vision, language, action and physical prediction within a single system from the outset. X Square said the model is intended to help robots operate in the far more unpredictable setting of a home, where tasks, layouts and interactions vary from moment to moment.

“Robots in factories and robots in homes are fundamentally different,” said Qian Wang, founder and CEO of X Square Robot. “In factories, they repeat the same action 10,000 times. In a home, they may need to perform 10,000 different actions, each in a different context. The real challenge is not repetition, but whether a robot can execute new, untrained actions in an unstructured environment.”

Wall-B is the company’s first full implementation of its World Unified Model architecture. Unlike modular systems that train perception, language and control separately, X Square Robot said World Unified Model optimizes those capabilities jointly from the very beginning. The company said that allows physical prediction — including force, friction and collision dynamics — to emerge as part of the model itself, rather than being layered on afterward.

“We train vision, language, action and prediction in the same network from day one,” said Wang Hao, chief technology officer of X Square. “Human infants do not learn to see, move and communicate in isolated stages. They learn by integrating perception and action at the same time, with constant feedback from the physical world. That is the principle behind our architecture.”

X Square Robot said the model was built on two core foundations. The first is a data strategy centered on real, non-staged home environments, aimed at exposing the system to the long tail of household scenarios — misplaced objects, temporary occlusion, unexpected obstacles and spontaneous human activity. The second is a physics-aware predictive mechanism that enables the robot to anticipate physical outcomes before taking action, rather than merely reacting after contact occurs.

Together, those elements are meant to narrow one of robotics’ hardest gaps: moving from controlled demos to reliable performance in live environments. The company said its work on physical robotic platforms has helped it accumulate practical experience in bridging simulation and reality across diverse operating conditions.

At the event, X Square demonstrated a series of live tasks. In one experience zone, a robot arranged flowers while adjusting its grip and motion in real time as stems shifted position under visual occlusion. The task was completed without pre-set trajectories, according to the company, and drew attention from both domestic and international media attending the event.

Even so, X Square acknowledged that the technology remains early. Wang said current systems can make mistakes that require remote intervention — such as placing slippers in the kitchen or pausing mid-task to process the next action. But he said the robots’ ability to operate continuously and generate new real-world data around the clock gives the system a path to rapid improvement.

That learning loop is central to the company’s next milestone: within 35 days, X Square plans to place its robots into everyday homes, underscoring the company’s long-term commitment to the home robotics sector.

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Manhattan Associates Announces Latest Enhancements for Retailers

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SYDNEY, April 23, 2026 /PRNewswire/ — Manhattan Associates (NASDAQ: MANH), the global leader in supply chain commerce with unmatched AI capabilities, today announced major enhancements to Manhattan Active® Omni. These innovations are designed to help retailers maximise in-store and online sales while delivering best-in-class customer experiences across all touchpoints. New capabilities include embedded agentic AI for store associates and customer service teams, real-time sales, and fulfilment insights delivered natively within the user experience, and brand-new capabilities focused on maximising both revenue and profit when shipping from stores.

Manhattan announced commercial availability of three new AI agents, a Store Associate Agent, a Contact Centre Agent, and an OMS Configuration Agent, all available within the Manhattan Active Omni user interface, to support retailers’ selling and service teams. Using a natural language interface, these agents deliver immediate, actionable insights into store activity, sales trends, inventory, returns, and customer behaviour, helping associates and customer service teams resolve issues faster and provide more personalised support.

“Retailers are under constant pressure to move faster, operate smarter, and deliver seamless experiences across every touchpoint,” said Brian Kinsella, SVP of Product Management at Manhattan Associates. “Our latest updates reflect Manhattan’s ongoing commitment to delivering cutting edge artificial intelligence within our applications. Whether it’s the myriad machine learning algorithms present for years or our new Agentic AI and Fulfilment Simulation capabilities, we’ve long believed true AI needs to live within rather than alongside our applications. We’re proud to partner with a number of world class retailers on the design and development of these breakthrough technologies.”

Along with the newly announced agentic AI innovations, Manhattan Active® Point of Sale continues to advance with Customer Facing Display, a powerful new enhancement that brings shoppers into the checkout experience. Customers can view their cart in real time, attach their loyalty information to a transaction, enter shipping details, and choose how they’d like to receive their receipt, all from a dedicated display. Retailers can also capture additional customer input, ensuring greater accuracy and faster transactions at the point of sale, bridging the gap between associates and shoppers, and delivering a smoother, more engaging checkout experience.

Additionally, the Fulfilment Optimisation Simulation engine enables enterprises to model and compare alternative fulfilment strategies by balancing cost, speed, service level, and margin. It provides data-driven insights into split shipments, total fulfilment costs, location-level distribution, and key KPIs using a consistent set of orders for each strategy. Users can easily adjust optimisation rules, rerun simulations, and compare results side-by-side to understand the true impact of each change. The engine also supports “what if” scenario planning – allowing teams to anticipate constraints, evaluate operational shifts, and analyse trade-offs in a fully self-serve manner. By replaying historical or selected orders, businesses can continuously optimise fulfilment, uncover new savings, and drive meaningful performance improvements.

Together, these innovations reflect Manhattan’s continued focus on delivering practical, enterprise-ready advancements that help retailers move faster and operate with greater confidence.

Receive up-to-date product, customer and partner news directly from Manhattan on LinkedIn.

ENDS

ABOUT MANHATTAN ASSOCIATES:

Manhattan Associates is a global technology leader, providing supply chain and omnichannel commerce solutions with unmatched AI capabilities. We design, build and offer best-in-class, AI-powered, cloud-based solutions that drive resilience and efficiency for businesses. We enable enterprises to uniquely unify front-end sales with back-end supply chain execution.

Our commitment to innovation, cloud-native platform and API-first architecture create simpler experiences and faster paths to value for our customers. We empower them to preempt and react to emerging trends and global disruptions with technical expertise and operational confidence, transforming challenges into competitive advantage. For more information, please visit www.manh.com.

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SOURCE Manhattan Associates

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Global Telecom Leaders to Convene in Singapore for Definitive Summit on AI-Native Transformation and Industry Reinvention

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SINGAPORE, April 23, 2026 /PRNewswire/ — Twimbit, the global research and advisory firm, has finalized the strategic agenda for the Twimbit Telecom Summit & Awards 2026, scheduled for 21 May 2026 at the Capitol Theatre, Singapore. This high-level forum serves as a catalyst for addressing the shift toward AI-native architectures and digital sovereignty.

As the telecommunications sector moves beyond traditional connectivity toward a ‘Techco’ model, the 2026 summit will provide a framework for navigating margin pressure through structural innovation, with insights on ROIC growth, EBITDA optimization, and the integration of generative technologies into core business functions.

Architects of the Industry: Featured Perspectives

The 2026 summit features a curated lineup of visionaries redefining the telecom blueprint:

Soma Velayutham, VP Telecoms & AI, NvidiaWong Soon Nam, Chief Planning and Transformation Officer, TelekomselRajesh Chandiramani, CEO, ComvivaVikram Sinha, CEO, Indosat Ooredoo HutchisonAayush Bhatnagar, Chief Technology Development Officer, JioUlf Ewaldsson, Advisor, Indosat (Former President of Technology, T-Mobile)Juhi McClelland, Managing Partner, IBM Consulting APACManoj Menon, Founder & CEO, Twimbit

Strategic Forum: The Telecom Summit (08:00 – 14:35)

Designed as a high-impact leadership forum, the morning sessions will address three critical levers for telco success in 2026:

Accelerating the AI-Native Core: Leveraging generative AI to rebuild network operations and customer service modelsDigital Sovereignty & Infrastructure: Navigating data residency and localized AI infrastructure for competitive advantageGrowth Engineering & Customer Experience: Implementing high-touch service philosophies to drive customer lifetime value

The Recognition Gala: Twimbit Telecom Awards (17:00 – Late)

The day concludes with a prestigious black-tie awards ceremony, celebrating organisations and leaders demonstrating innovation and strategic transformation, using Twimbit’s proprietary research frameworks across Asia-Pacific.

Strategic Partnerships and Support

The event is supported by industry leaders. F5 joins as Strategic Partner, while Nokia and Comviva serve as Gold Sponsors, highlighting the role of secure infrastructure, customer experience, and digital financial solutions.

“We are at a point where incremental change is no longer sufficient,” said Manoj Menon, Founder & CEO of Twimbit. “This summit is about the reinvention of the telecom business model and providing a roadmap for leaders to architect the next era of digital intelligence.”

About Twimbit

A global tech and advisory firm powering customer success through research, innovation and community, Twimbit provides actionable insights that fuel innovation and growth through its proprietary research platform.

Media Contacts:
Vansh Sehgal
vansh@twimbit.com 

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