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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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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

View original content:https://www.prnewswire.com/apac/news-releases/1111-systems-announces-strategic-partnership-with-cato-networks-to-deliver-sase-solution-for-distributed-enterprises-302830322.html

SOURCE 11:11 Systems

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Crowell & Moring Expands Financial Services Group with Former UBS Bank USA General Counsel Cristina Diaz

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NEW YORK, July 21, 2026 /PRNewswire/ — Crowell & Moring has added Cristina Diaz, former executive director and general counsel of UBS Bank USA, and most recently head of legal for UBS’s U.S. Remediation Management Office, to the firm’s Financial Services Group as senior counsel in New York. Diaz brings more than two decades of in-house counsel and law firm experience in bank regulation, compliance, and risk management.

At Crowell, Diaz will counsel banks, fintechs, and digital assets companies on a broad range of bank regulatory matters, including charters and licensing, permissible activities, capital requirements, regulatory enforcement, M&A, and corporate governance. She will also counsel clients navigating the intersection of traditional banking and emerging financial services, including digital assets companies seeking to acquire or establish national banks, and banks exploring partnerships with fintechs and digital assets firms.

At UBS, Diaz advised on the firm’s most pressing regulatory matters, including most recently UBS Bank USA’s charter conversion from a Utah industrial bank to an OCC national bank and key compliance remediations. This work gave Diaz extensive experience navigating relationships with state and federal financial regulators. Earlier in her career, Diaz spent eight years at Davis Polk & Wardwell advising U.S. and foreign banks on bank regulatory matters, M&A, and capital markets transactions.

“Cristina is a highly experienced, solution-oriented attorney who brings deep knowledge in the bank regulatory space. She will be an enormous asset to the firm’s growing regulatory and transactional offerings to banks, digital assets businesses, and fintechs,” said Carlton Greene, Co-Chair of Crowell’s Financial Services Group.

“I am delighted to join Crowell & Moring and integrate my bank regulatory experience with the firm’s nationally-recognized digital assets practice. As traditional banking and emerging financial technologies continue to evolve, clients need actionable and sophisticated legal counsel. Crowell offers the collaborative platform to help institutions successfully execute their growth and compliance strategies,” said Diaz.

Diaz received her J.D. from New York University School of Law, where she was a member of the New York University Law Review, and received her B.A., summa cum laude, from New York University. She is fluent in Spanish.

About Crowell & Moring LLP
Crowell & Moring is an international law firm with operations in the United States, Europe, and MENA. Drawing on significant government, business, industry, and legal experience, the firm helps clients capitalize on opportunities and provides creative solutions to complex regulatory and policy, litigation, transactional, and intellectual property issues. The firm is consistently recognized for its commitment to pro bono service, as well as its comprehensive programs and initiatives to advance the professional and personal development of all members of the Crowell community.

Media Contact:
Email: prteam@crowell.com

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SOURCE Crowell & Moring LLP

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Quantinuum and SoftBank Corp. Publish Joint White Paper on Scaling Practical Quantum Computing Use Cases Toward the Fault-Tolerant Era

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The companies have published a joint white paper mapping commercially relevant quantum computing use cases in quantum chemistry and graph analytics to Quantinuum’s hardware roadmap.The paper provides a framework for assessing how advances in quantum hardware and algorithms, could affect when practical industrial applications become feasible.SoftBank Corp. and Quantinuum will use the roadmap to inform their exploration of future quantum AI data center services and related business models.

TOKYO and BROOMFIELD, Colo., July 22, 2026 /PRNewswire/ — Quantinuum (NASDAQ: QNT) and SoftBank Corp. (“SoftBank”) today announced the publication of “Quantum Computing Frontiers,” a joint white paper that maps two commercially-relevant quantum computing application areas against Quantinuum’s hardware roadmap. The analysis examines how advances in quantum hardware and algorithms could affect when these applications become practical for industrial use.

The paper focuses on two representative application domains that SoftBank is actively using Quantinuum’s systems to research: quantum chemistry for new materials discovery and energy research, and topological data analysis for large-scale graph analytics, including for telecommunications fraud detection. The authors anchor their assessment of the scalability of these two application areas against Quantinuum’s published hardware roadmap, examining how projected advances in hardware capabilities and algorithms may enable the commercial readiness of future industrial applications.

Building on this use-case roadmap, the paper also examines how quantum computing, AI, and high-performance computing could be integrated into future computing infrastructure. It considers how progress across successive hardware generations could inform future quantum AI data center services and related business models, a key focus of the Quantinuum and SoftBank partnership announced last year.

“The key takeaway of this study is that organizations do not need to wait for large-scale, fault-tolerant systems to explore where quantum computing can begin creating value,” said Duncan Jones, General Manager, Applications Group at Quantinuum. “By using today’s systems to develop, benchmark and refine applications in areas such as quantum chemistry and graph analytics, enterprises can build the technical and operational readiness needed for the next era of quantum-enabled computing.”

“The question is no longer whether quantum computing may deliver value, but rather which problem classes become executable at which stage of hardware maturity,” said Ryuji Wakikawa, Senior Vice President & CTO at SoftBank Corp. “However, we believe progress in hardware must be complemented by equally strong developments in quantum algorithms and the integration of quantum systems with AI and high-performance computing.”

The white paper discusses illustrative scenarios describing how representative applications, technology maturity, and potential market opportunities may evolve over time under stated assumptions. The analysis provided in the paper is intended to provide a conceptual framework for understanding potential market evolution and does not represent financial guidance or forecasts. These analyses are intended to support discussion of future technology development and should not be interpreted as commitments regarding commercialization, infrastructure investment, products, services, or financial performance.

The full white paper is available to download on the SoftBank and Quantinuum websites.

About SoftBank Corp.

Guided by the SoftBank Group’s corporate philosophy, “Information Revolution – Happiness for everyone,” SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is aiming to activate the potential of AI across its businesses and drive implementation in line with its “Activate AI for Society” growth strategy. While further growing its telecom business, SoftBank is expanding its AI computing infrastructure and AI and Cloud service businesses with the aim of becoming a provider of Next-generation Social Infrastructure. To learn more, please visit https://www.softbank.jp/en/corp/

About Quantinuum

Quantinuum (NASDAQ: QNT) is a leading quantum computing company offering a full-stack platform designed to make quantum computing deployable in real-world environments. The company has commercially deployed multiple generations of quantum systems built on the well-established QCCD architecture, which it has implemented with novel designs and capabilities to achieve the industry’s highest accuracy levels based on average two-qubit gate fidelity.[1] Quantinuum has active engagements with market leaders across pharmaceuticals, material science, financial services, and government and industrial markets. The company has a global workforce of approximately 700 employees, including top scientists and researchers. Over 70% of its technology team holds PhDs or Master’s degrees. Quantinuum’s headquarters is in Broomfield, Colorado, with additional facilities across the United States, United Kingdom, Germany, Japan, Qatar, and Singapore.

For more information, please visit www.quantinuum.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. Such statements are based on certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. New factors emerge from time to time, and it is not possible for Quantinuum to predict all such factors. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Quantinuum does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

[1] As of December 31, 2025.

SOURCE Quantinuum

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