The Volvo Group (Swedish: Volvokoncernen; legally Aktiebolaget Volvo, shortened to AB Volvo, stylized as VOLVO) is a Swedish multinational manufacturing corporation headquartered in Gothenburg. While its core activity is the production, distribution, and sale of trucks, buses, and construction equipment, Volvo also supplies marine and industrial drive systems and financial services. In 2016, it was the world's second-largest manufacturer of heavy-duty trucks with its subsidiary Volvo Truck
Revenue Growth of Volvo
In the fiscal year 2020, Volvo reported a revenue of SEK 338.9 billion (approximately USD 38.6 billion), which was a decrease of 14% compared to the previous year. This decrease was primarily due to the impact of the COVID-19 pandemic on the automotive industry.
In the years leading up to 2020, Volvo had experienced steady revenue growth. For example, in 2019, the company's revenue increased by 8% compared to the previous year, and in 2018, the company's revenue increased by 17%.
Volvo has also set ambitious goals for the future, including becoming a fully electric car company by 2030 and achieving 50% of its global sales from fully electric cars by 2025. These goals may help drive revenue growth in the coming years as the demand for electric vehicles continues to rise.