GOTHENBURG,Sweden,March 12,2025 -- Volvo Car AB (publ.) publishes its Annual and Sustainability Report for 2024 on the Investors website. The report can be foundhere.

In addition to the events and financials of 2024,the Annual and Sustainability Report focuses on the strategic priorities and ambitions. Sustainability reporting is integrated in the Annual and Sustainability Report and has been prepared in accordance with Global Reporting Initiative (GRI).

Volvo Cars[1]had a second consecutive record-breaking year in 2024 and reported the highest full-year retail sales,revenues and core operating profit in its 98-year history.

Full-year revenues exceeded SEK 400 billion for the first time in the company's history,due to a new all-time sales record of 763,389 cars. Its full-year core operating profit of SEK 27 billion,excluding joint ventures and associates,was another record and up 6 per cent compared to 2023. The core operating margin came in at 6.8 per cent,up from 6.4 per cent in 2023.

The company sold 175,194 fully electric cars in 2024,an increase of 54 per cent versus 2023 and representing 23 per cent of its total global sales volume,which was the highest share among all legacy premium carmakers.Sales of fully electric and plug-in hybrid models amounted to 46 per cent of all Volvo cars sold in 2024.

[1]Volvo Car AB (publ.) together with its wholly-owned subsidiary Volvo Car Corporation and its subsidiaries are jointly referred to as "Volvo Car Group" or "Volvo Cars".

This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication,through the agency of the contact person,on 12-03-2025 09:00 CET.

For further information please contact:

Volvo Cars Media Relations

+46 31-59 65 25

media@volvocars.com

Volvo Cars Investor Relations

+46 31-793 94 00

investors@volvocars.com

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https://news.cision.com/volvo-car-ab--publ-/r/volvo-car-ab--publ--publishes-annual-and-sustainability-report-2024,c4117298

The following files are available for download:

https://mb.cision.com/Main/20685/4117298/3315780.pdf

VCG_AR_2024_ENG_250312

https://mb.cision.com/Main/20685/4117298/3315781.zip

5299000EAMGGBEYP7J33-2024-12-31-0-en.zip

https://mb.cision.com/Public/20685/4117298/999ecb1285c460a6.pdf

2024 Sustainability reference index ENG