Swedish carmaker Volvo Cars reported on Friday all-time high revenue and profitability in 2021, despite a challenging environment with persistent supply shortages, Kallanish notes.

Revenues rose 7.30% on-year to SEK 282 billion ($30.40 billion), while net income increased 12.85% to SEK 14.17 billion in the same period. Operating margin for 2021 was 7.2%, the company says in its earnings presentation.

Ceo Håkan Samuelsson told investors 2021 was a year to be proud of for Volvo Cars.

“Despite persistent component supply shortages in the auto industry, we increased market share globally and delivered all-time high revenue and profitability,” he adds.

Whilst overall car sales slipped, all-electric cars (BEVs) sales continued to increase with more production capacity coming online. The share of its Recharge electrified line-up rose to 34% in the fourth quarter, compared to 17% a year earlier. Of that, 28% was made of plug-in hybrid electric vehicles (PHEVs). BEVs accounted for 6% of the total sales.

Volvo Cars says the share of BEVs will continue to grow as production capacity increases to 150,000 cars after summer. The carmaker anticipates this share to “more than double” this year, compared to 2021. The goal to be a BEV-only company by 2030 remains on target, the company adds.

The outlook for this year comes with remaining “high uncertainty” as the improving supply situation continues to be a restraining factor. At the same time, Volvo Cars expects continued strong customer demand, with improved price realisation and higher freight and raw materials costs.

Volvo Cars’ subsidiary Polestar, an all-electric carmaker, plans to boost its sales to 290,000 by 2025 from 29,000 last year.