Like other automakers, Volvo Cars faced supply chain problems, Covid lockdowns in China and higher costs amid soaring inflation.
But its net profit rose by almost 20 percent to 17 billion Swedish kronor ($1.6 billion) last year.
Revenue climbed by 17 percent to a record 330 billion kronor.
Electric cars accounted for 11 percent of sales last year, compared to four percent in 2021.
"We managed through the heavy turbulence of the year and made significant progress on our strategic ambitions in 2022," said chief executive Jim Rowan.
"We accelerated towards our aim to become a fully electric car company by the end of the decade and climate neutral by 2040," he said.
The company's annual revenue and profits exceeded forecasts by analysts polled by financial data firm FactSet.
Volvo Cars is majority-owned by Chinese automaker Geely.
"While 2023 looks to be another challenging year, the company is hopeful that the Covid-related supply shortages from China are behind it and that it continues to see steady improvement in the supply of semiconductors," the company said.
China abandoned its zero-Covid policy in December.
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