The operating profit of Volvo with headquarters in Sweden amounted to ** billion Swedish kronor in 2023. The reported fiscal year ends on December 31.Compared to the earliest depicted value from 2019 this is a total increase by approximately ***** billion Swedish kronor. The trend from 2019 to 2023 shows, however, that this increase did not happen continuously.

The two Volvo companies, Volvo AB and Volvo Car AB seized the two top spots on the list of the top twenty companies with the highest turnover in Sweden as of August 2023. Ranked first was Volvo AB, with a turnover reaching more than 370 billion Swedish kronor. Volvo AB (also known as Volvo Group) is a world leading manufacturer of mainly trucks, but also buses, and marine and industrial engines.

 Volvo Cars AB ranked as second

Volvo Cars AB was ranked second in the top twenty companies ranking in Sweden, with a turnover of more than 280 billion Swedish kronor. Volvo Cars used to be part of Volvo AB until 1999 and is today owned by the automotive company Geely.

Volvo Group on a global scale

Volvo Group’s net sales on a global scale indreased until 2019, but fell in 2020 after the outbreak of COVID-19. In 2022, Volvo Group's global revenue was 473 billion Swedish kronor.

In 2023, over 41,300 Volvo cars were sold in Sweden. This was a decrease of some 10 percent year-over-year, and the sixth time since 2012 that the company did not experience a rise in sales. Nevertheless, Volvo was actually the leading passenger car brand in Sweden that year, surpassing Volkswagen by more than 8,500 sold passenger cars.

A national and global success

In Latin, Volvo means “I am rolling” - a word which perfectly describes the success of the company. Since the foundation of Volvo in Gothenburg in 1927, the company has continuously expanded its production to a range of different countries and continents, including Europe, China and the US. As of August 2023, Volvo AB and Volvo Car AB accounted for the highest turnovers of companies in Sweden, amounting to nearly 654.3 million Swedish kronor altogether. Furthermore, Volvo is the fourth biggest employer in Sweden, employing roughly 84,000 people.

Conquering China

As a consequence of the automotive industrial crisis from 2008 to 2019, Volvo Cars was sold to the Chinese Holding Group, Geely, in 2009. This was the first time in history that a Western car manufacture was owned by a Chinese company. So which changes might this takeover have for Volvo? While the revenue of Volvo passenger cars amounted to one billion U.S. dollars in China in 2014, sales are expected to stabilize at four billion U.S. dollars as of 2024. That is an impressive increase, since Volvo cars tend to cost more than an average car in China.

In the financial year 2025, Tata Motors dominated the domestic commercial vehicle market across India with a share of around ***percent. In 2024, the company had an overall revenue of around 4.4 trillion Indian rupees. Commercial vehicle sales had been on an inline across the south Asian country for a few years. From mid-2019, however, the automotive industry’s slowdown has affected the sales and production alike. BS VI standardsThe Bharat stage emission standards (BSES) are emission standards that the Indian government regulates to keep the output of air pollutants from combustion and spark ignition engines in check. The Central Pollution Control Board determines the limits and time of implementation of these standards. From April 2020, BS VI norms were estimated to be implemented across the country, as a replacement to the existing BS III standards that were implemented in October 2010. The emission limits for light and heavy commercial vehicles were estimated to be 0.63 and 1.5 grams per kilometer respectively. New modelsCommercial vehicle manufacturers revealed new models complying with the BS VI standards to reinstate a growth in sales volumes. Tata Motors, the leading manufacturer, announced a product offensive for 2020. Similarly, Volvo Eicher Commercial Vehicles also announced a ‘Smart Trucks’ initiative to gain a competitive edge. The emission standards have affected the commercial vehicles market significantly. Manufacturers not only aimed for cleaner vehicles but redesigned their vehicles and vamped up the entire product line, making the outlook for the industry presumably very positive.