Research and development expenses accounted for about five percent of Volvo Group's revenue in 2023. The Volvo Group incurred more than 26 billion Swedish kronor (or over two billion U.S. dollars) in R&D costs. Much of the company's R&D efforts are targeted at the field of clean transportation.
Volvo Group's research and development expenses from FY 2008 to FY 2023
(in million Swedish kronor)
Characteristic
R&D expenses in million Swedish kronor
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Volvo. (February 29, 2024). Volvo Group's research and development expenses from FY 2008 to FY 2023 (in million Swedish kronor) [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/469263/research-and-development-expenses-of-volvo-group/
Volvo. "Volvo Group's research and development expenses from FY 2008 to FY 2023 (in million Swedish kronor)." Chart. February 29, 2024. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/469263/research-and-development-expenses-of-volvo-group/
Volvo. (2024). Volvo Group's research and development expenses from FY 2008 to FY 2023 (in million Swedish kronor). Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/469263/research-and-development-expenses-of-volvo-group/
Volvo. "Volvo Group's Research and Development Expenses from Fy 2008 to Fy 2023 (in Million Swedish Kronor)." Statista, Statista Inc., 29 Feb 2024, https://www.statista.com/statistics/469263/research-and-development-expenses-of-volvo-group/
Volvo, Volvo Group's research and development expenses from FY 2008 to FY 2023 (in million Swedish kronor) Statista, https://www.statista.com/statistics/469263/research-and-development-expenses-of-volvo-group/ (last visited July 27, 2024)
Volvo Group's research and development expenses from FY 2008 to FY 2023 (in million Swedish kronor) [Graph], Volvo, February 29, 2024. [Online]. Available: https://www.statista.com/statistics/469263/research-and-development-expenses-of-volvo-group/