Pre-Annual General Meeting Information • Feb 28, 2025
Pre-Annual General Meeting Information
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The shareholders of Volvo Car AB (publ), Reg. No. 556810-8988, ("Volvo Cars") are invited to participate in the Annual General Meeting (the "AGM") to be held on 3 April 2025, at 13.00 CEST at Volvohallen, Gunnar Engellaus väg 2, SE-418 78 Gothenburg, Sweden. Admission and registration to the AGM will begin at 12.00 CEST.
The Board of Directors has resolved, in accordance with the provisions of Volvo Cars' Articles of Association, that shareholders may also exercise their voting rights in advance by so-called postal voting.
The AGM will be conducted in Swedish and simultaneously translated into English.
A bus to the AGM departs from Drottningtorget (outside Clarion Hotel Post) at 11.50 CEST. In addition, the bus will stop at Hjalmar Brantningsplatsen (busstop A1) at 12.00 CEST. After the meeting is ended, there is a bus back to Drottningtorget, with a stop at Hjalmar Brantningsplatsen. No sign-up is required. The bus transport is free of charge.
A person who wishes to attend the meeting venue in person or by proxy must
For shareholders who wish to be represented by proxy, a written and dated power of attorney signed by the shareholder must be issued for the representative. If the shareholder is a legal entity, a copy of certificate of incorporation, or corresponding authorisation document for the legal entity, must be attached. Form of proxy is available on Volvo Cars' website http://investors.volvocars.com/en/AGM25. In order to facilitate the registration at the AGM, the power of attorney together with any registration certificate or other authorisation documents should be received by the company at the address set out above in connection with the notice of participation.
A person who wishes to participate in the AGM by postal voting must
A shareholder who wishes to attend the meeting venue in person or by proxy, must give notice of this in accordance with the instructions stated under A) above. Hence, a notice of participation only through postal voting is not sufficient for a person who wishes to attend the meeting venue.
A special form shall be used for postal voting. The form is available on the company's website http://investors.volvocars.com/en/AGM25. The completed and signed form may be sent by post to Volvo Car AB (publ), c/o Euroclear Sweden AB, Box 191, SE-101 23 Stockholm, Sweden, or by email to [email protected]. Shareholders may also submit their postal votes electronically by verification with BankID via Euroclear Sweden AB's website http://anmalan.vpc.se/EuroclearProxy/. The completed and signed form must be received by Euroclear Sweden AB no later than on 28 March 2025.
Shareholders may not provide special instructions or conditions in the voting form. If so, the vote (in its entirety) is invalid. Further instructions and conditions are included in the form for postal voting.
If a shareholder submits its postal vote by proxy, a written and dated power of attorney signed by the shareholder must be enclosed with the postal voting form. If the shareholder is a legal entity, a copy of certificate of incorporation, or corresponding authorisation document for the legal entity, must be enclosed with the form. Form of proxy is available on the company's website, http://investors.volvocars.com/en/AGM25.
In order to be entitled to participate in the AGM, a shareholder whose shares are registered in the name of a nominee must, in addition to giving notice of its participation in the AGM, register its shares in its own name so that the shareholder is listed in the presentation of the share register as of 26 March 2025. Such registration may be temporary (so-called voting rights registration), and request for such voting rights registration shall be made to the nominee, in accordance with the nominee's routines, at such a time in advance as decided by the nominee. Voting rights registrations that have been made by the nominee no later than 28 March 2025, will be taken into account in the presentation of the share register.
The Nomination Committee prior to the AGM 2025 has consisted of Tom Johnstone (appointed by Geely Sweden Holdings AB), Yimin Chen (appointed by Geely Sweden Holdings AB), Anders Oscarsson (appointed by AMF), Emilie Westholm (appointed by Folksam) and Eric Li (Li Shufu) as the Chairperson of the Board of Directors. Tom Johnstone has been the Chairperson of the Nomination Committee.
The Nomination Committee proposes that the attorney Patrik Marcelius is elected as Chairperson of the AGM.
The voting list proposed for approval is the voting list drawn up by Euroclear Sweden AB on behalf of the company, based on the AGM's register of shareholders, shareholders having given notice of participation and being present at the meeting venue, and postal votes received.
The Board of Directors proposes that no dividend is distributed and that the retained profits shall be carried forward to the new accounts.
The Nomination Committee proposes that the Board of Directors shall consist of nine ordinary Board members elected by the shareholders' meeting, without deputy Board members, and that the number of auditors shall be one without deputies.
The Nomination Committee prior to Volvo Cars Annual General Meeting 2024, noted that the intention of the Nomination Committee was that the Board remuneration should be reviewed biannually, meaning that the Nomination Committee did not intend to propose any remuneration changes at the Annual General Meeting 2025. In line with the above, the Nomination
Committee proposes to leave the Board's remuneration unchanged meaning that the following remuneration shall be applied until next year's Annual General Meeting:
The compensation to the Board members that are not employed or otherwise remunerated by Volvo Car Group or the Geely Holding Group shall be the following; (i) SEK 1,200,000 (1,200,000) to each of the Board members, other than the vice Chairperson who shall receive SEK 2,840,000 (2,840,000), (ii) SEK 145,000 (145,000) to each of the members and SEK 185,000 (185,000) to the Chairperson of the People Committee, (iii) SEK 220,000 (220,000) to each of the members and SEK 470,000 (470,000) to the Chairperson of the Audit Committee, and (iv) SEK 220,000 (220,000) to each of the members of the China Committee. All remunerated Board members elected by the general meeting are also entitled to a company car in accordance with the Company's applicable car policy (corresponding to an average yearly benefit of approximately SEK 120,000 per entitled Board member). Eric Li (Li Shufu), the CEO as well as Daniel Li (Li Donghui) shall not be remunerated. In addition, the Nomination Committee proposes a symbolic compensation for reading time for the union representatives with in total SEK 345,100 (345,100), whereof ordinary representatives each receive SEK 85,000 (85,000) and deputy representatives each receive SEK 45,050 (45,050).
The Nomination Committee supports the policy of share ownership for the members of the Board adopted by the Board. Under the policy, it is recommended that the members of the Board, who are appointed by the General Meeting and who do not already have such holding, over a five year period from the date of listing of Volvo Cars on Nasdaq Stockholm or for new members from the date of appointment, shall acquire an ownership in shares with a market value corresponding to at least one year of Board remuneration, before taxes, excluding remuneration for committee work. Upon reaching the recommended share ownership level, it is expected that the members of the Board maintain shares of such value for the duration of their appointments as members of the Board.
The Nomination Committee proposes and that remuneration to the auditor shall be paid according to separate invoicing.
The Nomination Committee proposes re-election of Eric Li (Li Shufu), Daniel Li (Li Donghui), Lone Fønss Schrøder, Jonas Samuelson, Diarmuid O'Connell, Lila Tretikov, Jim Rowan, Anna Mossberg and Ruby Lu (Rong Lu).
The Nomination Committee further proposes re-election of Eric Li (Li Shufu) as the chairperson of the Board of Directors and Lone Fønss Schrøder as vice chairperson of the Board of Directors.
Further information about all Board members proposed for re-election is included in the Nomination Committee´s proposal and reasoned statement available on the company's website http://investors.volvocars.com/en/AGM25.
The Nomination Committee proposes, in accordance with the recommendation from the company's Audit Committee, re-election of Deloitte AB as the company's auditor for the period until the close of the Annual General Meeting 2026.
The Board of Directors proposes that the AGM resolve on the following guidelines for remuneration to the Executive Management Team (including the CEO and any deputy CEO) ("EMT"). The guidelines replace the guidelines adopted by the annual general meeting 2023. In relation to the current guidelines, the proposal includes changes (other than editorial changes) in the form of added clarifications to the share ownership guidelines for members of the EMT and amended principles to determine the performance criteria for awarding variable remuneration. The Board of Directors has not received any comments from the shareholders on the existing guidelines for executive remuneration.
These guidelines shall be applicable to remuneration to the EMT of Volvo Cars. These guidelines are applicable to remuneration agreed, and amendments to remuneration already agreed, after its adoption by the annual general meeting on 3 April 2025. These guidelines do not apply to any remuneration decided or approved by the general meeting.
The company purpose is to provide "Freedom to Move" in a personal, sustainable and safe way. The business strategy focuses on maintaining a stable and strong platform for continued profitable and sustainable growth through increased engaging relationships with consumers, sustainable products and business, safe mobility with leading technology and a purpose-driven organisation. For more information regarding the company's business strategy, please see the strategic direction section of the annual report.
A prerequisite for the successful implementation of the company's strategy and safeguarding of its long-term interests, including its sustainability, is the company's ability to recruit and retain qualified personnel. To this end, it is necessary that the company offers total competitive remuneration.
These guidelines enable the company to offer the EMT a competitive total remuneration.
Variable remuneration covered by these guidelines shall aim at promoting the company's business strategy and long-term interest, including its sustainability.
The total remuneration package for the EMT may consist of the following components:
The components of remuneration shall be in accordance with local market practice.
Additionally, the general meeting may – irrespective of these guidelines – resolve on, among other things, share-related or share price-related remuneration. Please refer to Share-based or share price-related incentive programmes below.
The satisfaction of criteria for awarding short-term variable cash remuneration shall be measured over a period of one year, whereas the satisfaction of criteria for awarding long-term variable remuneration shall be measured over a period of three years.
For the CEO, the short-term variable cash remuneration may not amount to more than 200 per cent of the annual fixed base salary on December 31 at the end of each performance year, and the long-term variable remuneration may not amount to more than 150 per cent of the annual fixed base salary the year the programme was implemented. For the other EMT members, the short-term variable cash remuneration may vary but not amount to more than 140 per cent of the annual fixed base salary on December 31 at the end of each performance year, and the long-term variable remuneration may vary but not amount to more than 120 per cent of the annual fixed base salary the year the programme was implemented. For information on the criteria for awarding short- and long-term variable remuneration, please refer to Criteria for awarding variable remuneration below.
Further variable remuneration may also be paid out in extraordinary circumstances, provided that such arrangement is of a one-time nature and is agreed on an individual basis for management recruitment or retention purposes or as compensation for extraordinary efforts beyond the individual's ordinary assignment. Such remuneration shall be in line with market practice and may for example include a one-time cash payment, retention bonus or severance payment in case of a change of control, or similar. The remuneration may not amount to more than the annual fixed base salary for 1 year and shall not be paid more than once a year per individual. Resolutions on such compensation shall be made by the People Committee based on a proposal from the CEO if an EMT member (other than the CEO) is concerned and by the People Committee and the Chairperson of the Board of Directors, or the Vice Chairperson as delegated, if it relates to the CEO.
The Board of Directors may, irrespective of these guidelines, propose the general meetings to resolve on long-term share-based or share price-related incentive programmes. During the previous annual general meetings held from 2022 and onwards, the Board of Directors proposed, and the annual general meetings approved long-term share-based incentive programmes comprising, amongst others, the EMT. The Board of Directors intends to propose forthcoming annual general meetings to approve similar incentive programmes. No new longterm variable cash programmes will therefore be offered to the EMT as long as there is a longterm share-based program in place.
The variable short-term cash remuneration shall be linked to predetermined and measurable criteria which can be financial or non-financial. The criteria for the variable short-term remuneration shall be determined yearly by the People Committee.
Variable long-term remuneration, which is not approved by the annual general meeting, if any, shall be linked to the satisfaction of certain financial performance conditions determined by the People Committee and measured over the term of the programme.
For both short-term and long-term variable remuneration, the criteria may also be individualized, quantitative or qualitative objectives. The criteria shall be designed to contribute to the company's business strategy and long-term interests, including its sustainability.
To which extent the criteria for awarding variable remuneration have been satisfied shall be evaluated when the measurement period has ended. The People Committee is responsible for the evaluation. For financial objectives, the evaluation shall be based on the latest financial information made public by the company.
For the CEO, pension benefits shall be a defined contribution scheme, and the pension premiums may amount to not more than 50 per cent of the annual fixed base salary. Variable remuneration shall not qualify for pension benefits.
For other EMT members, pension benefits shall be a defined contribution scheme, and the pension premiums may amount to not more than 30 per cent of the annual fixed base salary. No current EMT members have a defined benefit pension. However, defined benefit pension can be offered to future EMT members as part of a pre-existing agreement. To the extent that variable remuneration qualifies for pension benefits under the applicable collective bargaining agreement, the pension benefits shall be deducted from the payment and paid as pension.
Other benefits may include, for example, medical insurance, annual health check-up and company cars. Such benefits may amount to not more than 20 per cent of the annual fixed base salary.
For employments governed by rules other than Swedish, pension benefits and other benefits may be duly adjusted for compliance with mandatory rules or established local practice, taking into account, to the extent possible, the overall purpose of these guidelines.
EMT members who are expatriates (i.e., are sent on an international assignment and are not on a local employment contract) may receive additional remuneration and other benefits determined in line with the company's International Assignment Instruction which may include (but are not limited to) relocation cost, cost of living allowance, housing, schooling, home travel allowance and tax assistance. Such benefits may amount to no more than 160 per cent of the annual fixed base salary.
The Board of Directors shall have the possibility, in accordance with applicable law or contractual provisions, to in whole or in part reclaim variable remuneration paid on incorrect grounds.
Upon termination of an employment, the notice period may not exceed twelve (12) months. Fixed base salary during the notice period and severance pay may together not exceed an amount corresponding to the individual's fixed base salary for two (2) years, subject to applicable law.
When termination is made by the EMT member, the notice period may not exceed twelve (12) months, without any right to severance pay.
Additionally, remuneration may be paid for non-compete undertakings. Such remuneration shall compensate for loss of income and shall only be paid in so far as the previously employed executive is not entitled to severance pay. The remuneration may amount to not more than 60 per cent of the monthly fixed base salary at the time of termination of employment and be paid during the time the non-compete undertaking applies, however not for more than twelve (12) months following the termination of employment.
In the preparation of the Board of Directors' proposal for these remuneration guidelines, salary and employment conditions for employees of the company have been taken into account by including information on the employees' total income, the components of the remuneration and increase and growth rate over time, in the People Committee's and the Board of Directors' basis of decision when evaluating whether the guidelines and the limitations set out herein are reasonable.
Since the Board of Directors believes that long-term share ownership is an important way to create alignment between the EMT members and Volvo Cars' shareholders, it has implemented the following policy of share ownership for members of the EMT.
As per the policy, the Board of Directors expects the CEO and other members of the EMT to accumulate personal holdings in shares with a market value corresponding to the value of 100 per cent of the EMT member's gross annual fixed base salary. When calculating the value of the personal holdings, the market value of the shares at each investment instance shall be used. It is expected that the personal holding of shares be established within five years from the listing of the company and, for new hires, within five years from commencement of employment with the group as CEO or as a member of the EMT. The CEO and other members of the EMT shall retain shares allotted (net after taxes payable) under future incentive programmes to achieve the expected share ownership. Further, upon reaching the recommended share ownership level, it is expected that the CEO and the other members of the EMT maintain shares of such value for the duration of their appointment as CEO or the other member of the EMT.
The Board of Directors has established the People Committee, whose tasks include preparing the Board of Directors' decision to propose guidelines for EMT remuneration. The Board of Directors shall prepare a proposal for new guidelines at least every fourth year and submit it to the general meeting. The guidelines shall be in force until new guidelines are adopted by the general meeting.
The People Committee shall also monitor and evaluate variable pay programmes, the application of the guidelines for executive remuneration as well as the current remuneration structures and compensation levels in the company.
The members of the People Committee are independent of the company and its executive management. Neither the CEO nor any other EMT member participate in the Board of Directors' decision-making process on any resolutions regarding remuneration-related matters so far as that could potentially affect their own remuneration.
The Board of Directors may temporarily resolve to deviate from the guidelines, in whole or in part, if in a specific case there is special cause for the deviation and a deviation is necessary to serve the company's long-term interests, including its sustainability, or to ensure the company's financial viability. The People Committee's tasks shall include preparation of any resolutions to deviate from the guidelines.
Performance Share Plan (the "PSP"), which is a shared-based plan directed to the CEO, other members of the Executive Management Team ("EMT"), the Group Management Team ("GMT"), and certain other senior leaders and key individuals.
To secure the obligations of Volvo Cars to deliver shares to participants under the PSP, the Board of Directors further proposes that the Annual General Meeting resolves on delivery arrangements. The Board of Directors' proposal for the PSP is set out in A. below and the delivery arrangements in B. below.
The overall purpose of the PSP is to strengthen the alignment of interests of the plan participants, who are key stakeholders in Volvo Cars, with those of the shareholders, and thus encourage long-term commitment to Volvo Cars' success and strategic objectives. The purpose of PSP is further to create a long-term focus amongst the participants on reaching Volvo Cars' long-term ambitions, as well as to facilitate recruitment and retention of employees with key competencies.
Since the Board of Directors believes that long-term share ownership is an important way to create alignment between the EMT and Volvo Cars' shareholders, it has implemented a policy setting out recommendations for certain levels of share ownership for members of the EMT. The PSP offers an opportunity for such members to increase their holdings to achieve the recommended share ownership.
The Board of Directors' proposal for the PSP 2025 corresponds in essence with the structure of the Performance Share Plans previously approved by the Annual General Meetings.
The Performance Conditions include a minimum level which must be exceeded in order for any Performance Shares at all to be allocated, as well as a maximum level in excess of which no additional Performance Shares will be allocated. Should the minimum level be exceeded but the maximum level not reached, a proportionate number of Performance Shares will be allocated.
The minimum and maximum levels for (a) and (b) above will be set by the Board of Directors prior to commencement of the PSP. The minimum level for (c) is 30% and the maximum level for (c) is 40%. The minimum level for (d) is 30% and the maximum level for (d) is 34%.
Information about the minimum and maximum levels for (a) and (b) above, as well as the outcome of each of the Performance Conditions above, will be provided in the annual report for the financial year 2027.
xi. The Board of Directors shall be responsible for the further design and administration of the PSP within the framework of the above stated main terms and conditions.
The Board of Directors has considered different methods for delivery of shares to the PSP Participants. For this purpose, the Board of Directors proposes that the Annual General Meeting resolve on (i) an authorisation for the Board of Directors to resolve on the repurchase of shares of series B on Nasdaq Stockholm; and (ii) transfer of own series B shares free of charge to the PSP Participants. Should the majority required for these resolutions not be reached, the Board of Directors proposes that Volvo Cars shall be able to enter into an equity swap agreement with a third party.
The detailed conditions for the Board of Directors' proposal are set out in item B below.
Neither of the delivery arrangements referred to in item A.3 above would give rise to an increased number of shares in Volvo Cars and, accordingly, no dilutive effect in terms of shares issued will occur for existing shareholders.
The cost for the PSP, which will impact the income statement, are calculated according to the accounting standard IFRS 2 and distributed over the Vesting Period. The total effect of the PSP on the income statement, including social security contributions, is estimated to range between SEK 0-1,013 million, depending on satisfaction of the Performance Conditions and the share price at allotment of Performance Shares, distributed over the years 2025-2027. Total value for the PSP Participants at allotment of Performance Shares plus the social security contributions is capped at SEK 1,013 million. The cap will come into play in case of a total increase of PSP Award Value of 400% or more during the term of the PSP.
The estimated aggregated annual costs of between SEK 0-338 million correspond to approximately 0.0-0.8% of the Volvo Car Group's total employee costs for the financial year 2024. Thus, the cost for the PSP is expected to have a marginal effect on Volvo Car Group's key ratios.
The PSP has been initiated by the Board of Directors and prepared taking into account market practice for multinational companies headquartered in Sweden and the rest of Europe along with corporate governance best practice requirements. The PSP has been processed in the Board's People Committee and discussed at Board meetings in 2025.
The Board of Directors proposes that the Annual General Meeting, as a main alternative, (a) authorise the Board of Directors to resolve on acquisition of own shares of series B on Nasdaq Stockholm and (b) resolve that own series B shares may be transferred to the PSP Participants.
(a) Acquisition of own shares of series B may be made on the following terms:
(b) Transfers of Volvo Cars' own series B shares to the PSP Participants may be made on the following terms.
The Board of Directors proposes that the Annual General Meeting, should the majority required under item B.1 above not be reached, resolve that the expected financial exposure resulting from the PSP may be hedged by Volvo Cars being able to enter into an equity swap agreement with a third party on terms in accordance with market practice, whereby the third party, against a fee and in its own name, shall be entitled to acquire and transfer series B shares in Volvo Cars to the PSP Participants in accordance with the terms and conditions of the PSP.
The Annual General Meeting's resolution on the implementation of the PSP according to item A.2 above is conditional on the Annual General Meeting either resolving in accordance with the Board of Directors' proposal under item B.1 or B.2 above.
The Annual General Meeting's resolution according to item A.2 above requires a simple majority of the votes cast. A valid resolution under item B.1 above requires that shareholders representing not less than nine-tenths of the votes cast as well as the shares represented at the Annual General Meeting approve the resolution. A valid resolution under item B.2 above requires a simple majority of the votes cast.
The repurchase and transfer of shares in Volvo Cars are integral parts of the proposed PSP. Therefore, and in light of the above, the Board of Directors considers it to be advantageous for Volvo Cars and the shareholders that the PSP Participants are invited to become shareholders in Volvo Cars.
For a description of Volvo Cars' other on-going long-term incentive plans, reference is made to Volvo Cars' annual report for 2024, note 8 and 9. No other long-term incentive plans than those described herein or in the annual report for 2024, note 8 and 9, have been implemented in Volvo Cars.
In 2022, 2023 and 2024, respectively, AGMs resolved on the implementation of share based plans, giving all permanent employees of the Volvo Car Group the opportunity of becoming shareholders in Volvo Cars, with a division into two parts: a Performance Share Plan (the "PSP") directed to the CEO, other members of the Executive Management Team and certain other senior executives, and an Employee Share Matching Plan (the "ESMP") directed to all permanent employees of the Volvo Car Group, other than the participants of the PSP. For a description of the Performance Share Plans and Employee Share Matching Plans adopted in 2022, 2023 and 2024 (together the "Plans"), please refer to note 9 in Volvo Cars' annual report for 2022, 2023 and 2024, respectively.
The AGM in 2022, 2023 and 2024, respectively, also resolved on delivery arrangements in respect of the Plans by way of (i) an authorisation for the Board of Directors to resolve on the repurchase of shares of series B on Nasdaq Stockholm on one or several occasions until the next AGM; and (ii) transfer of own series B shares free of charge to the participants under the Plans. As the Board of Directors has not fully utilised the previous authorisations, and in order to secure Volvo Cars' obligations to deliver shares to the participants under the Plans, the Board of Directors proposes that the AGM 2025 authorise the Board of Directors to resolve on acquisition of own shares of series B on Nasdaq Stockholm.
Acquisition of own shares of series B may be made on the following terms:
Volvo Cars' own series B shares, acquired pursuant to the proposed authorisation, may be transferred to the participants under the Plans in accordance with and on the terms as resolved by the respective AGMs in 2023 and 2024.
In order for the AGM's resolution in accordance with the Board of Directors' proposal as set out above to be valid, the resolution requires approval of at least two thirds of the votes cast and the shares represented at the AGM.
The Board of Directors proposes that the AGM authorises the Board of Directors to, on one or several occasions up to the next AGM, with or without deviation from the shareholders' preferential right, resolve on new issues of shares of series B and/or subscription warrants and/or convertible bonds. The total number of shares that may be issued, by way of a new share issue, exercise of subscription warrants or conversion of convertible bonds, by virtue of the authorisation shall be within the limits of the Articles of Association and not exceed ten (10) per cent of the total number of shares in Volvo Cars at the time of the Board of Directors' resolution. The authorisation includes a right to resolve on new issues for cash consideration, by contribution in kind or payment by set-off. The issue price shall, in the case of deviation from the shareholders' preferential right, be determined in accordance with market practice. The Board of Directors shall be entitled to determine other terms of the issue.
The purpose of the authorisation, and the reason for any deviation from the shareholders' preferential right, is to increase the financial flexibility of the company to enable the company to finance the operations in a fast and efficient way, acquire companies, businesses or parts thereof and/or to enable a broadening of the ownership of the company.
The Board of Directors, the CEO or a person appointed by one of them shall be entitled to make any minor adjustments to the above decision that might be required in connection with registration with the Swedish Companies Registration Office.
In order for the AGM's resolution in accordance with the Board of Directors' proposal as set out above to be valid, the resolution requires approval of at least two thirds of the votes cast and the shares represented at the AGM.
The total number of shares in the company is 2,979,524,179 shares of series B, each with one vote per share, corresponding to a total of 2,979,524,179 votes. There are no outstanding shares of series A. As per the date of this notice, Volvo Cars holds 4,451,093 treasury shares of series B.
The Board of Directors and the CEO shall, if any shareholder so requests and the Board of Directors believes that it can be done without material harm to the company, provide information at the AGM regarding circumstances that may affect the assessment of an item on the agenda, circumstances that can affect the assessment of the company's or its subsidiaries' financial situation and the company's relation to other companies within the Group. Shareholders who wish to submit questions in advance may do so by mail to Volvo Car AB (publ), "AGM 2025", Gunnar Engellaus väg 8, SE-418 78 Gothenburg, Sweden or by email to [email protected].
The financial statements, the auditor's report, the auditor's statement regarding guidelines for executive remuneration and the Board of Directors' remuneration report for the financial year 2024 will be available at the company and on the company's website in connection with the publication of the company's annual report on 12 March 2025.
The Board of Directors' complete proposals for resolutions under items 15-18 and the Board of Directors' statement pursuant to Chapter 19, Section 22 of the Swedish Companies Act are available at the company and on the company's website. In other respects, the complete proposals are set out under each respective item in the notice.
Information about all Board members proposed for election and the Nomination Committee's reasoned statement etc. are available on the company's website.
The documents will be sent free of charge to shareholders who so request and state their address.
Processing of personal data
For information on how your personal data is processed, see http://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.
If you have questions regarding our processing of your personal data, you can contact Volvo Cars Data Protection Officer via email: [email protected] or via regular mail: Volvo Car Corporation, Attention: Data Protection Officer, dept. 50092, VAK, SE-405 31 Gothenburg, Sweden. Volvo Car AB has company registration number 556810-8988 – and the Board's registered office is in Gothenburg.
Gothenburg in February 2025 Volvo Car AB (publ) The Board of Directors
Volvo Cars Media Relations +46 31-59 65 25 [email protected]
Volvo Cars Investor Relations +46 31-793 94 00 [email protected]
For the full year 2024, Volvo Car Group recorded a record-breaking core operating profit of SEK 27 billion. Revenue in 2024 amounted to an all-time high of SEK 400.2 billion, while global sales reached a record 763,389 cars.
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker "VOLCAR B".
"For life. To give people the freedom to move in a personal, sustainable and safe way." This purpose is reflected in Volvo Cars' ambition to become a fully electric car maker and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to achieve net-zero greenhouse gas emissions by 2040.
As of December 2024, Volvo Cars employed approximately 42,600 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg and Shanghai (China).
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