Annual and Sustainability Report 2020

In a year with many challenges the Volvo Group delivered a good profitability and strengthened its financial position.

The report outlines the Volvo Group’s strategy aimed at fulfilling the mission of driving prosperity through transport and infrastructure solutions, where the ability to both perform here and now and at the same time transform and build for the future is crucial.

“In 2020, the global pandemic presented us with challenges unprecedented in modern times. Together with business partners and suppliers, we supported our customers through all stages of the crisis.

We handled dramatic fluctuations in demand while taking decisive steps forward towards tomorrow's fossil-free transport system. We demonstrated that we have significantly improved our volume and cost flexibility, which were crucial factors behind our earnings resilience in 2020.

Despite a loss of almost SEK 100 billion in revenues, we were able to deliver an adjusted operating income of SEK 28.6 billion with a margin of 8.4%. I would like to thank all my colleagues and our business partners for their fantastic efforts in very difficult circumstances,” says Martin Lundstedt, President and CEO.