Volvo Cars achieved a revenue record in 2022 despite a drop in its global new car sales volume.

It achieved a full-year operating profit of 22.3bn Krona (£1.78bn)) from revenues of £330.1bn krona (£26.27bn) while facing headwinds of supply constraints, lockdowns in China and higher material and logistics costs, revealed its president and chief executive Jim Rowan.

Its ramp up of electric car deliveries continued to make ground as it nears its 2025 objective of selling one in two new Volvos with a pure electric powertrain.

The BEV (battery electric vehicle) share of its total sales reached 11% in 2022, up from 4% the prior year. In Q4 2022 alone BEV sales reached 18% of the mix.

“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 Rowan.