Volvo Cars has reported its full-year and fourth-quarter financial results for the 2022 fiscal year, achieving a yearly revenue increase of 17% writes ILM.

Revenue in the full 2022 financial year was up to SEK330.1 billion (US$31.7 billion), while operating income totalled SEK22.3 billion (US$2.14 billion), up by SEK2 billion (US$192.12 million).

In the fourth quarter of the financial year, revenue totalled SEK105.2 billion (US$10.11 billion), an increase of 31.3% year-on-year. Operating income was SEK3.4 billion (US$326.6 million), down by SEK0.3 billion (US$28.83 million).

Volvo noted that its fully electric car sales accounted for 11% of total sales in 2022, up from 4% in 2021. In the fourth quarter alone, fully electric car sales made up 18% of the total revenue, up from 6% in the fourth quarter of 2021.

“We managed through the heavy turbulence of the year and made significant progress on our strategic ambitions in 2022, as we accelerated towards our aim to become a fully electric car company by the end of the decade and climate neutral by 2040,” said Jim Rowan, President and Chief Executive of Volvo Cars.