Volvo Cars has reported an all-time high revenue and profitability for the full year 2021. Demand for cars remained strong with growing unit sales, despite persistent component supply shortages in the auto industry, the company said in a release.  

Volvo Cars has posted revenue of SEK 282 billion for 2021, up from SEK 262.8 billion in 2020. Its operating income rose 7.2 percent to SEK 20.3 billion, up from SEK 8.5 billion in Covid-19 affected 2020.  

Håkan Samuelsson, chief executive, Volvo Cars, said, “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.” 

However, the interim report for the fourth quarter showed that the revenues dropped 6 percent to SEK 80.1 billion. Demand and order intake remained strong, but production was restrained. The negative effect of volumes was offset by strong price realisation and a shift towards high margin models. On the other hand, the share of income in joint ventures and associates reduced operating income, primarily driven by strategic affiliates such as Polestar, where costs were incurred in their early development phase and a change in accounting treatment related to deferred tax assets. Operating income was SEK 3.7 billion in the quarter, representing an operating margin of 4.6 per cent. Excluding share of income from joint ventures and associates, EBIT margin was 7.1 per cent, the company said in a release. 

Sales volumes in the fourth quarter fell 20 per cent compared to the same period in 2020.
The company’s electrified line-up continued to be popular with customers and Recharge models made up 34 per cent of the global volume in the fourth quarter.
Plug-in hybrids amounted to 28 per cent of volumes, while fully electric cars made up 6 per cent of total sales in the fourth quarter. 

The share of fully electric cars as part of total sales will continue to grow as Volvo Cars increase the annual production capacity for fully electric cars to 150,000 cars after summer and, for the full year 2022, the company expects that share to have more than doubled compared with the full year 2021. 

The company said uncertainty is still high. While the component shortage has eased somewhat, the supply chain is expected to remain a restraining factor. At the same time, Volvo Cars continues to see strong customer demand, and expects that electric cars will grow faster than the overall market. This should allow the company to continue growing sales volume in 2022, the release added. (MT)  

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Mumbai-based automotive major Mahindra & Mahindra has introduced the new Bolero range with prices starting INR 799,000 (ex-showroom), with the new top-end B8 variant priced at INR 969,000 (ex-showroom). The new Bolero Neo starts at INR 849,000 (ex-showroom), with the new top-end N11 variant at INR 999,000 (ex-showroom).

With a history of 25 years and over 1.6 million customers, the Bolero remains a versatile SUV, navigating diverse terrains from city streets to rural landscapes, offering adaptability and value.

The new Bolero features a new grille, fog lamps and diamond-cut alloy wheels. Inside, the Bolero offers a new 17.8 cm touchscreen infotainment & music system, steering-mounted controls and leatherette upholstery with better seat comfort. The RideFlo ride and handling tech gives better stability and control, with improved suspension. The Bolero is powered by the mHAWK75 engine delivering power of 55.9 kW and 210 Nm torque, with body-on-frame construction. The company has also introduced a new Stealth Black colour, along with existing colours.

On the other hand, the new Bolero Neo combines toughness with urban style. It features a sleek new grille with horizontal accents and dark metallic grey R16 alloy wheels. Interior theme options are Lunar Grey and Mocha Brown. Comfort features include leatherette upholstery and better seat ergonomics. It has a 22.8 cm infotainment system, a rear-view camera and a USB C-type charging port. The RideFlo tech, along with MTV-CL and Frequency Dependent Damping (FDD), ensure smooth rides. It is powered by the mHAWK100 engine delivering power of 73.5 kW and 260 Nm torque and includes cruise control and Multi-Terrain Technology (MTT) for better traction. New colours include Jeans Blue and Concrete Grey, plus three dual-tone options.

Nalinikanth Gollagunta, Chief Executive Officer – Automotive Division, Mahindra & Mahindra, said, “The Bolero has stood the test of time, earning its place as one of India’s most versatile and tough SUVs for over 25 years. Building on this enduring legacy, the new Bolero range has been thoughtfully designed to meet the aspirations of a dynamic and rapidly evolving New India. With a perfect blend of toughness, contemporary styling, enhanced comfort, and modern features, the new Bolero and Bolero Neo deliver a powerful SUV experience that shines equally in urban environments and challenging terrains.”

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JCBL Armouring Solutions, a provider of armouring solutions in India, is entering the luxury car protection segment. The company stated it has worked on premium vehicles such as Mercedes-Benz, Range Rover and Defender, giving protection while maintaining vehicle performance.

India’s luxury protected vehicle segment is reporting growth at a 15–20 percent CAGR. JCBL stated its technology provides ballistic protection while preserving vehicle elegance and dynamics. The company serves VVIPs, celebrities and individuals with high net worth. It focuses on lightweight armouring that keeps strength, agility and comfort after the protection process.

Each vehicle is tested at accredited labs, including the NFSU Ballistic Research and Testing Lab and complies with certification standards from VRDE, ICAT and DRDO. The company’s R&D centre is approved by DSIR and it holds a DIPP license.

Rushank Doshi, CEO, JCBL Armouring Solutions, said, "Luxury should never come at the cost of safety. We are redefining secure mobility in India’s luxury car segment, ensuring top-tier protection without compromising elegance, performance, or craftsmanship. This reflects JCBL Group’s commitment to excellence, innovation and world-class engineering."

JCBL Armouring Solutions also reinforces vehicle components, including suspension and braking systems, to maintain performance and dynamics. Security features include run-flat tyres, bullet-resistant glasses and a reinforced structure. The company offers aftersales services, including maintenance, upgrades and training for customers on handling protected vehicles.

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Kia India has announced a significant change to its leadership team, naming Sunhack Park as Chief Sales Officer (CSO) and Joonsu Cho as Chief Business Officer (CBO).

As the new CSO, Park will head Kia India’s sales strategy, focusing on sustainable growth, improving operational efficiency and expanding the brand’s market reach. He brings over 28 years of international automotive experience, having held key leadership positions at Kia Headquarters in South Korea, the Middle East & Africa (MEA) and India.

Cho, in his role as CBO, will be responsible for crafting business strategies, overseeing production planning and export logistics, leading cross-functional teams and forging strategic alliances to ensure operational excellence. He has over 32 years of leadership experience from global roles in Australia, the UK and Europe.

Sunhack Park, said, “I am privileged to take on the role as Chief Sales Officer. This is an exciting phase for the brand as we continue to expand our presence in a dynamic and evolving market. My focus will be on driving sales growth, optimizing operational efficiency, and strengthening our dealer and partner ecosystem.”

Joonsu Cho, said, “I am honored to assume the role of Chief Business Officer. Kia India has made remarkable strides in the market, and my priority will be to develop and execute robust business strategies that support sustainable growth and operational excellence.”

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RattanIndia Enterprises-owned Revolt Motors, a leading electric motorcycle brand, is strengthening its leadership team and has appointed Raghava Rao as its new Chief Business Officer (CBO).

Rao, a seasoned industry leader, comes with over two decades of diverse experience across the automotive sector, spanning two-wheelers, tractors, three-wheelers and commercial vehicles.

Prior to joining Revolt Motors, he has held senior leadership positions at Kinetic Engineering, Bajaj Auto, Tata Motors, Piaggio Vehicles and TI Clean Mobility (Montra Electric).

Roy Kurian Joins Revolt Motors As President

Rao has expertise in channel sales, customer support, customer experience and market insights, with a proven track record of driving business growth and customer success.

Anjali Rattan, Chairperson, RattanIndia Enterprises, said, “We are delighted to welcome Raghava Rao to the Revolt family. His deep expertise in the automotive industry and proven leadership across multiple business functions will play a crucial role in accelerating our growth journey and further strengthening Revolt’s position as India’s No.1 electric motorcycle brand.”

Rao is an alumnus of the Indian School of Business (General Management Program), holds a B.Tech degree from BITS Pilani, and a PGCSM from XLRI Jamshedpur.

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