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“During Q2 2024, the Volvo Group delivered good profitability as demand in many markets continued to normalize compared with the high levels of 2023. Net sales amounted to SEK 140.2 billion, which adjusted for currency changes was on the same level as in the prior year. The adjusted operating income amounted to SEK 19.4 billion (21.9), with a margin of 13.9% (15.4). Lower volumes and our increased investments in R&D affected margins negatively, while carry-over from the price increases we implemented during last year continued to have a positive effect. Our service business grew by 5% adjusted for currency. On a rolling 12 month basis the service business generated revenues of SEK 130.3 billion,” says Martin Lundstedt, President and CEO.
The Volvo Group report for the second quarter 2024 will be published on July 18, at 7.20 a.m. CEST. There will be a conference call for press and analysts starting at 9.00 a.m. CEST.
Volvo Group has today completed the divestment of Arquus to John Cockerill Defense according to the previously announced option agreement.
The Volvo Group will hold a Capital Markets Day at Volvo Trucks’ operations in Dublin, Virginia, USA on November 14, 2024.
At Volvo Days 2024, Volvo Construction Equipment (Volvo CE) demonstrates its ambition to lead in sustainability and productivity by presenting pioneering launches and a fresh solutions-based approach – enabling sustainable change for customers in both regulated and less regulated markets.
Press release
2024-05-17
• Volvo Group and Daimler Truck share the ambition to lead transformation to software-defined heavy-duty commercial vehicles to enhance customer efficiency and experience. • Both companies intend to create a joint venture to become the leading developer of a software-defined heavy-duty vehicle platform, including software and hardware, providing the basis for differentiating digital vehicle features. • The new company is intended to be a 50/50 joint venture to be headquartered in Gothenburg, Sweden.
The Assar Gabrielsson Foundation has awarded Anna Wenger as the winner in the basic science research category and Sara Bjursten as the winner in the clinical research category. The prize recipients are rewarded with SEK 100,000 each as extra research grants, administered by the Sahlgrenska Academy at the University of Gothenburg.
The number of votes in AB Volvo has changed due to the conversion of a total of 100 Series A shares to a total of 100 Series B shares. The conversions were implemented with the support of the opportunity for Series A shareholders to request conversion of Series A shares to Series B shares which was entered in the Articles of Association at the 2011 Annual General Meeting.
“During Q1 2024, demand continued to normalize at good levels across many of the Volvo Group’s markets. Adjusted for currency, net sales were on the same level as in Q1 2023 and amounted to SEK 131.2 billion. Invoiced price continued to increase, mainly on the back of carry-over from the price increases we gradually implemented last year. Adjusted operating income amounted to SEK 18.2 billion (18.6), which corresponds to a margin of 13.8% (14.0). Return on capital employed improved to 37.7% (30.3). We continue to prioritize quality in the business,” says Martin Lundstedt, President and CEO.
The Volvo Group today announced that it will build a new heavy-duty truck manufacturing plant in Mexico to supplement the Group’s U.S. production. The plant will provide additional capacity to support the growth plans of both Volvo Trucks and Mack Trucks in the U.S. and Canadian markets, and support Mack truck sales in Mexico and Latin America. The plant is expected to be operational in 2026.
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