Nikola vs Volvo Group: Revenue, Profit and Business Model
Nikola had $35.8M of annual revenue in FY2023 and a net loss of $966.3M. Volvo Group had ~$47.9B of annual revenue in FY2025 and ~$3.4B of net income.
Latest financial snapshot
Nikola
- Latest annual revenue
- $35.8M (FY2023)
- Net income
- -$966.3M
- Net margin
- -2696.2%
- Revenue growth
- +190.6% a year, FY2018–FY2023
Volvo Group
- Latest annual revenue
- ~$47.9B (FY2025)
- Net income
- ~$3.4B
- Net margin
- 7.2%
- Revenue growth
- +6.5% a year, FY2021–FY2025
Financial summary
Nikola
Nikola never came close to profitability. Revenue peaked at $49.7 million in 2022 (continuing operations, as restated) and fell to $35.8 million in 2023, when it shipped 114 trucks and posted a $966.3 million net loss. In Q3 2024 revenue was $25.2 million and the net loss from continuing operations was $199.8 million. The company relied on equity raises, a 1-for-30 reverse stock split in June 2024 and other capital measures, but it could not find enough funding and filed for Chapter 11 in February 2025. Its stock was delisted from Nasdaq, and the confirmed liquidation plan left no value for common shareholders. Nikola Corporation operates as a highly distressed American manufacturer of heavy-duty commercial battery-electric and fuel-cell electric vehicles, suffering a massively reduced valuation following severe founder scandals.
Volvo Group
Volvo Group's FY2025 net sales fell 9% to ~$47.9 billion (SEK 479.2 billion) from ~$52.7 billion (SEK 526.8 billion) in 2024 as truck and construction-equipment demand cooled and the SDLG divestment reduced reported sales. Adjusted operating income was ~$5.12 billion (SEK 51.2 billion) (10.7% margin) against ~$6.57 billion (SEK 65.7 billion) (12.5%) a year earlier, and earnings per share were SEK 16.94. The board proposed an ordinary dividend of SEK 8.50 plus an extra SEK 4.50 per share. In Q2 2026 net sales rose 3% to ~$12.6 billion (SEK 126.3 billion) (7% organic growth) and adjusted operating income climbed to ~$1.48 billion (SEK 14.8 billion), an 11.7% margin.
Revenue and profit by year
Nikola
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $35.8M | -$966.3M | -2696.2% | -29.5% | Source |
| FY2022 | $50.8M | -$784.2M | -1543.0% | — | Source |
| FY2020 | $95,000 | -$370.9M | -390385.3% | -80.3% | Source |
| FY2019 | $482,000 | -$88.7M | -18393.4% | +178.6% | Source |
| FY2018 | $173,000 | -$64.3M | -37163.6% | — | Source |
Volvo Group
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$47.9B | ~$3.4B | 7.2% | -9.0% | Source |
| FY2024 | ~$52.7B | ~$5B | 9.6% | -4.6% | Source |
| FY2023 | ~$55.2B | ~$5B | 9.0% | +16.6% | Source |
| FY2022 | ~$47.3B | ~$3.3B | 6.9% | +27.2% | Source |
| FY2021 | ~$37.2B | ~$3.3B | 8.8% | — | Source |
Where the revenue comes from
Nikola
- Truck sales
~84% (2023)
Sales of Tre BEV and Tre FCEV trucks to dealers and fleets: $30.1 million in 2023.
- Service and other
~16% (2023)
Service, parts, hydrogen fuel and other revenue: $5.8 million in 2023.
Volvo Group
- Trucks
Largest segment
Volvo, Mack and Renault Trucks serving long-haul, regional, vocational and distribution customers.
- Construction Equipment
Major segment
Wheel loaders, excavators, articulated haulers and compact equipment for construction, infrastructure, quarrying and mining.
- Parts and Services
Recurring revenue
Aftermarket parts, maintenance contracts, remanufacturing, connected uptime services and dealer support.
- Financial Services and Power Solutions
Adjacency
Customer financing and leasing through Volvo Financial Services, and marine and industrial engines through Volvo Penta.
Business model and strategy
Nikola
How it makes money
Nikola sold and leased Class 8 trucks, mainly the Tre BEV and Tre FCEV, through heavy-duty dealers, and through its HYLA brand it sold hydrogen fuel at its own stations and mobile fuelers. In 2023 truck sales brought in $30.1 million and service and other revenue $5.8 million.
Growth strategy
Under CEO Steve Girsky (2023-2025), Nikola dropped side projects, put hydrogen fuel cell trucks first, built modular HYLA fueling in California and leaned on state incentives such as California's HVIP voucher program to win fleet orders. It also looked for a strategic partner or buyer. When none committed enough capital, the company turned to a court-supervised sale and liquidation in 2025.
Competitive advantage
During its operating life, Nikola's main edge was its head start in hydrogen. It was one of the first companies to build Class 8 fuel cell trucks in series in North America, starting in 2023, and it paired them with its own HYLA fueling. That lead did not last: low volumes, negative gross margins and limited hydrogen supply meant it never became a lasting moat.
Volvo Group
How it makes money
Volvo Group sells trucks, buses, construction equipment, engines and power systems, then earns further revenue from parts, maintenance, financing and connected services over the life of each vehicle or machine. Its brands include Volvo Trucks, Mack Trucks, Renault Trucks, Volvo Construction Equipment, Volvo Buses and Volvo Penta, with Volvo Financial Services funding customer purchases.
Growth strategy
Volvo Group is pursuing growth through its truck brands, aftermarket and uptime services, construction equipment, financial services, power solutions, and zero-emission vehicles using battery-electric, fuel-cell and renewable-fuel combustion powertrains.
Competitive advantage
Volvo Group's position rests on established truck brands, a global dealer and service network, in-house powertrain engineering, and a large installed base that feeds parts, service and financing revenue. Commercial buyers judge vehicles on uptime and running cost, which favours suppliers with dense service coverage.
Questions about Nikola vs Volvo Group
Which company has higher revenue — Nikola Corporation or AB Volvo?
Nikola Corporation had $35.8M (FY2023), while AB Volvo had ~$47.9B (FY2025). By latest annual revenue, AB Volvo is the larger business, with Nikola Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How does revenue per employee compare for Nikola Corporation and AB Volvo?
AB Volvo generates $479k / employee in revenue per employee. A comparable figure for Nikola Corporation requires matching employee and revenue data from the same reporting period.
How do Nikola Corporation and AB Volvo make money?
Nikola Corporation and AB Volvo generate revenue in fundamentally different ways. Nikola Corporation: Nikola sold and leased Class 8 trucks, mainly the Tre BEV and Tre FCEV, through heavy-duty dealers, and through its HYLA brand it sold hydrogen fuel at its own stations and mobile fuelers. AB Volvo: Volvo Group sells trucks, buses, construction equipment, engines and power systems, then earns further revenue from parts, maintenance, financing and connected services over the life of each vehicle or machine.
Is Nikola Corporation bigger than AB Volvo?
By last reported revenue, AB Volvo (~$47.9B (FY2025)) is the larger company compared to Nikola Corporation ($35.8M (FY2023)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Nikola vs Volvo Group overview