Kvartalsrapport Q3 2024

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===== SIDA 1 =====

V O L V O  G R O U P  
R E P O R T  O N  T H E  T H I R D  Q U A R T E R   
2 0 2 4 
Net sales SEK 117.0 billion (132.3)
— — — — — — — — — — — — —  — — — — — — — — 
Adjusted operating income SEK 14.1 
billion (19.3)
— — — — — — — — — — — — — — — — — — — — —

===== SIDA 2 =====

• In Q3 2024, net sales decreased by 12% and amounted 
to SEK 117.0 billion (132.3). Adjusted for currency 
movements, net sales decreased by 7%. 
• Adjusted operating income1 amounted to SEK 14,074 M 
(19,258), corresponding to an adjusted operating margin 
of 12.0% (14.4). There were no adjustments in Q3 2024. 
In Q3 2023, a negative effect of SEK 794 M was 
excluded from adjusted operating income.
• Reported operating income amounted to SEK 14,074 M 
(18,464), corresponding to an operating margin of 12.0% 
(13.8).
• Currency movements had a negative impact on operating 
income amounting to SEK 1,561 M (positive 1,165).
• Earnings per share amounted to SEK 4.93 (6.93).
• Operating cash flow in the Industrial Operations amounted 
to SEK 3,069 M (5,609).
• Return on capital employed in the Industrial Operations 
amounted to 38.3% (33.7).
          
132.3
117.0
Q3 
2023
Q4 Q1 Q2 Q3 
2024
19.3
14.1
14.4%
12.0%
Q3 
2023
Q4 Q1 Q2 Q3 
2024
33.7%
38.3%
Q3 
2023
Q4 Q1 Q2 Q3 
2024
Third quarter First nine months
SEK M unless otherwise stated 2024 2023 2024 2023
Net sales  116,978  132,275  388,404  404,264 
Adjusted operating income¹  14,074  19,258  51,679  59,684 
Adjusted operating margin, %  12.0  14.4  13.3  14.6 
Operating income²  14,074  18,464  52,572  50,320 
Operating margin, %  12.0  13.8  13.5  12.3 
Income after financial items  13,573  18,636  52,550  49,843 
Income for the period  10,073  14,093  39,759  37,846 
Earnings per share, SEK  4.93  6.93  19.50  18.58 
Operating cash flow in Industrial Operations  3,069  5,609  21,025  23,166 
Net financial position in Industrial Operations³, SEK bn    62.9  65.2 
Return on capital employed in Industrial Operations⁴, %    38.3  33.7 
Return on equity in Financial Services⁴, %    13.2  10.2 
Net order intake, number of trucks  43,234  47,202  139,695  155,550 
Deliveries, number of trucks  46,266  55,274  160,671  180,647 
Net order intake, number of construction equipment  10,781  10,288  38,155  36,051 
Deliveries, number of construction equipment  11,703  13,305  41,414  44,713 
1 For information on adjusted operating income, please see note 6.
2 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net to 
gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with SEK 144 
M in Q3 2023. The effect on key ratios is insignificant.
3 Excluding post-employment benefits and lease liabilities.
4 12 months rolling.
On the cover: Next year Volvo will launch a new long-range version of its FH Electric that will be able to reach up to 600 km on one charge.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 2 IN BRIEF
Net sales, SEK bn Adjusted operating income, SEK bn 1 
Adjusted operating margin, %
Return on capital employed
Industrial Operations, % 4

===== SIDA 3 =====

In Q3 2024, demand continued to normalize on most of the Volvo 
Groupʼs markets. We are seeing that freight and construction 
activity has come down in many regions across the world 
compared with the very high levels of last year. Our net sales 
decreased by 7% when adjusted for currency and amounted to 
SEK 117.0 billion (132.3). Sales of vehicles were 11% lower 
than last year while sales of services remained resilient and 
increased by 4%. We continued to generate good profits on the 
lower sales volumes with an adjusted operating income of SEK 
14.1 billion (19.3) and a margin of 12.0% (14.4) thanks to hard 
work by our colleagues and business partners.
Return on capital employed in our Industrial Operations improved 
to 38.3% (33.7). We had a positive operating cash flow of SEK 
3.1 billion (5.6) in what is normally a weak quarter. At the end of 
Q3, we had a positive net financial position in the Industrial 
Operations of SEK 62.9 billion.
In Q3, order intake for heavy-duty trucks declined by 7% 
compared with a year ago, which reflects cautiousness among 
some customers amid uncertainty surrounding the macro-
economic development going into 2025. Our total truck deliveries 
declined by 16% compared with the prior year largely driven by 
the light-duty vehicle model change-over in Europe which started 
in the spring. Deliveries of heavy-duty trucks were 9% lower 
compared with the very strong development last year. Volumes 
continued to increase in South America but decreased in both 
Europe and North America.
With the adjustments we made during the first half of the year, 
the European production system is in balance with market 
demand with a positive book-to-bill for heavy-duty trucks in Q3. In 
North America, we adjusted production for the Volvo brand to 
reduce inventories while at the same time started series 
production of the all-new Volvo VNL range. To manage the 
introduction as planned, we have kept resources despite a lower 
output. Mack has been hampered by supply disturbances of cabs 
which resulted in significantly lower volumes than expected.
Currency-adjusted net sales in our truck operations declined by 
6% to SEK 80.1 billion and the adjusted operating margin 
amounted to 11.7% (15.6) impacted by the lower volumes and 
increased R&D expenses. The temporary events in North America 
had a combined effect on the truck operations' operating margin 
of approximately -1 percentage point and we expect part of these 
effects to remain for the rest of the year.
We are on a steady improvement journey on our road to net-zero 
and we continue to invest considerable resources in R&D into our 
products and solutions, while we have decided to postpone the 
battery cell plant in Mariestad, Sweden by 12 to 24 months due 
to to the slower adoption pace of battery-electric vehicles. We 
already have one of the broadest ranges of electric trucks in the 
industry designed to handle a wide variety of transport assign-
ments, and in September Volvo Trucks announced that next year 
they will launch a new long-range version of the FH Electric. The 
new truck will be able to cover up to 600 km on one charge, 
allowing transport companies to operate electric trucks on 
interregional and long-distance routes and to drive a full working 
day without having to recharge.
Demand for construction equipment has slowed down, especially 
in Europe. In Q3, deliveries of machines decreased by 12% 
compared with a year ago, with deliveries of Volvo-branded 
machines coming down by 32% and deliveries of SDLG machines 
increasing by 26%. Total order intake increased by 5%, with a 
decline for Volvo and increasing order intake for SDLG. We have 
lowered our production volumes to adapt to current demand and 
reduce dealer inventories. In Q3, net sales decreased by 20% 
adjusted for currency and amounted to SEK 18.8 billion. The 
adjusted operating income was SEK 2.6 billion (3.7), 
corresponding to a margin of 13.6% (15.4). 
Demand for buses continued to be strong in many markets, 
particularly for coaches. Net order intake rose by 6% compared 
with Q3 last year, and sales of both vehicles and services rose 
substantially. Buses' currency-adjusted net sales increased by 
21% to SEK 6.2 billion and the adjusted operating margin 
improved to 11.8% (6.3).
Volvo Pentaʼs net sales decreased by 2% when adjusted for 
currency and amounted to SEK 4.7 billion. Despite the slightly 
lower sales, the adjusted operating margin improved to 17.7% 
(15.9) with a positive effect coming from an increased share of 
larger engines in the product mix. 
The credit portfolio in our customer-financing business, Volvo 
Financial Services, continued to perform well. Delinquencies are 
on normal levels for this part of the business cycle. The adjusted 
operating income amounted to SEK 992 M (1,062).
After a few years of high market levels in Europe and North 
America volumes have come down this year. There is some 
uncertainty about the macroeconomic development in the near 
term and this is reflected in our forecasts with relatively flat 
markets overall for next year. However, transport and 
infrastructure are exciting industries with long-term growth, and 
we are in a good position to continue to support our customers 
with products and solutions that drive their productivity and 
profitability.
Martin Lundstedt
President and CEO
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 3 CEO'S COMMENTS
“Transport and infrastructure are 
exciting industries with long-term 
growth, and we are in a good 
position to continue to support 
our customers with products and 
solutions that drive their 
productivity and profitability.”
Earnings resilience on 
lower volumes

===== SIDA 4 =====

Joachim Rosenberg resigns as Volvo Group Executive Board 
member
After many years of service Joachim Rosenberg has decided to 
resign from his role as member of the Volvo Group Executive 
Board, EVP Strategic Initiatives and President of Volvo Energy. 
His managerial assignments within the Group will be distributed 
to other members of the Volvo Group Executive Board.
Previously reported important events in 2024
• Acquisition of battery business from Proterra completed
• Agreement with Westport for joint venture
• Creation of Flexis completed
• Annual General Meeting of AB Volvo
• Volvo Group to increase North American heavy-duty truck 
production capacity
• Volvo Group and Daimler Truck intend to form a joint venture 
for a software-defined vehicle platform
• Divestment of Arquus completed
Detailed information about the events is available at 
www.volvogroup.com
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 4 IMPORTANT EVENTS

===== SIDA 5 =====

Net sales
In Q3 2024, the Volvo Groupʼs net sales decreased by 12% to 
SEK 116,978 M compared with SEK 132,275 M in the same 
quarter the preceding year. Net sales decreased in all segments 
except Buses and in all regions except South America.
Adjusted for currency movements, net sales decreased by 7%, 
of which vehicle sales decreased by 11% and service sales 
increased by 4%.
Operating income
In Q3 2024, adjusted operating income amounted to SEK 
14,074 M (19,258), corresponding to an adjusted operating 
margin of 12.0% (14.4). There were no adjustments in Q3 2024. 
In Q3 2023, a negative effect of SEK 794 M was excluded from 
adjusted operating income. For more information on adjusted 
operating income, please see Note 6.
Compared with Q3 2023, the adjusted operating income was 
negatively affected by lower volumes, a negative brand and 
market mix and increased R&D expenses, which were partly offset 
by price realization and lower raw material costs.
Currency movements, compared with Q3 2023, had a negative 
impact of SEK 1,561 M.
Reported operating income in Q3 2024 amounted to SEK 
14,074 M (18,464), corresponding to an operating margin of 
12.0% (13.8)
Financial items
In Q3 2024, interest income was SEK 601 M (656), whereas 
interest expenses amounted to SEK -375 M (-417).
Other financial income and expenses amounted to SEK -727 M 
(-67). The change is primarily due to revaluation effects of financial 
assets and liabilities.
Income taxes
In Q3 2024, income taxes amounted to SEK -3,500 M (-4,543). 
The tax rate was 25.8% (24.4).
Income for the period and earnings per share
In Q3 2024, income for the period amounted to SEK 10,073 M 
(14,093). Earnings per share amounted to SEK 4.93 (6.93).
Consolidated Income Statement Third quarter First nine months
SEK M 2024 2023 2024 2023
Net sales  116,978  132,275  388,404  404,264 
Cost of sales  -84,973  -95,751  -279,625  -293,225 
Gross income  32,005  36,524  108,778  111,038 
Research and development expenses  -7,213  -6,305  -22,761  -19,616 
Selling expenses  -7,938  -8,202  -25,396  -24,426 
Administrative expenses  -1,655  -1,686  -5,607  -5,207 
Other operating income and expenses  -594  -1,180  -1,178  -10,033 
Income/loss from investments in joint ventures and associated companies  -530  -665  -1,277  -1,414 
Income/loss from other investments  -1  -22  12  -23 
Operating income  14,074  18,464  52,572  50,320 
Interest income and similar credits  601  656  2,032  1,800 
Interest expenses and similar charges  -375  -417  -1,109  -1,278 
Other financial income and expenses  -727  -67  -946  -999 
Income after financial items  13,573  18,636  52,550  49,843 
Income taxes  -3,500  -4,543  -12,791  -11,997 
Income for the period *  10,073  14,093  39,759  37,846 
* Attributable to:
Owners of AB Volvo  10,017  14,092  39,648  37,772 
Non-controlling interest  56  1  111  74 
Basic earnings per share, SEK  4.93  6.93  19.50  18.58 
Diluted earnings per share, SEK  4.93  6.93  19.50  18.58 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 5 FINANCIAL SUMMARY

===== SIDA 6 =====

Net sales Third quarter 
Change %
First nine months
Change %SEK M 2024 2023 2024 2023
Net sales per geographical region
Europe  45,498  53,188  -14  159,317  170,010  -6 
North America  36,156  41,517  -13  120,979  123,857  -2 
South America  14,705  13,468  9  40,695  35,083  16 
Asia  12,878  14,922  -14  43,368  49,175  -12 
Africa and Oceania  7,741  9,181  -16  24,045  26,140  -8 
Total net sales  116,978  132,275  -12  388,404  404,264  -4 
Net sales per product group
Vehicles  85,062  99,997  -15  291,180  310,032  -6 
Services  31,915  32,278  -1  97,223  94,231  3 
Total net sales  116,978  132,275  -12  388,404  404,264  -4 
Timing of revenue recognition
Revenue of vehicles and services 
recognized at the point of delivery  104,101  119,521  -13  348,478  368,057  -5 
Revenue of vehicles and services 
recognized over contract period  12,877  12,754  1  39,926  36,207  10 
Total net sales  116,978  132,275  -12  388,404  404,264  -4 
  
Operating cash flow in the Industrial Operations
During Q3 2024 operating cash flow in the Industrial Operations 
was positive in an amount of SEK 3,069 M (5,609). Compared 
with Q3 2023, the decreased operating cash flow is an effect of 
the lower operating income being partly counterbalanced by a 
lower buildup of working capital and less income taxes paid.
   
5.6
3.1
Q3 
2023
Q4 Q1 Q2 Q3 
2024
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 6 FINANCIAL SUMMARY
Operating cash flow
Industrial Operations, SEK bn

===== SIDA 7 =====

Volvo Group financial position
During Q3 2024, net financial assets in the Industrial Operations, 
excluding provisions for post-employment benefits and lease 
liabilities, increased by SEK 3.6 billion resulting in a net financial 
asset position of SEK 62.9 billion on September 30, 2024, 
compared with SEK 59.3 billion on June 30, 2024. The change is 
mainly explained by the positive operating cash flow of SEK 3.1 
billion and the divestment of Arquus by SEK 1.9 billion.
Currency movements decreased net financial assets by SEK 0.6 
billion.
Including provisions for post-employment benefits and lease 
liabilities, the Industrial Operations net financial assets amounted 
to SEK 44.4 billion on September 30, 2024, compared with SEK 
40.6 billion on June 30, 2024. Remeasurements of defined 
benefit pension plans had a negative impact of SEK 0.2 billion 
during Q3 2024.
 Total assets in the Volvo Group decreased by SEK 1.7 billion 
compared with year end 2023. Currency movements increased 
total assets by SEK 1.7 billion.
On September 30, 2024, total equity for the Volvo Group 
amounted to SEK 182.3 billion compared with SEK 180.7 billion 
at year end 2023. The equity ratio was 27.1% (26.8). On the 
same date the equity ratio in the Industrial Operations amounted 
to 37.6% (36.2).
65.2 62.9
Q3 
2023
Q4 Q1 Q2 Q3 
2024
Number of employees
On September 30, 2024, the Volvo Group had 102,989 
employees, including temporary employees and consultants, 
compared with 104,439 employees on June 30, 2024. The 
number of blue-collar employees decreased by 1,051 and the 
number of white-collar employees decreased by 399. The 
decrease of in total 1,450 employees is mainly an effect of the 
divestment of Arquus, which had 1,600 employees.
Blue-collar  49,908  50,959  51,599  53,331 
Whereof temporary employees and consultants  5,048  5,642  6,153  8,321 
White-collar  53,081  53,480  53,306  51,547 
Whereof temporary employees and consultants  7,338  7,532  7,510  7,285 
Total number of employees  102,989  104,439  104,905  104,878 
Whereof temporary employees and consultants  12,386  13,174  13,663  15,606 
Number of employees Sep 30             
2024
Jun 30             
2024
Mar 31             
2024
Sep 30             
2023
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 7 FINANCIAL SUMMARY
Net financial position excl. post-employment benefits 
and lease liabilities Industrial Operations, SEK bn

===== SIDA 8 =====

Net sales Third quarter Change 
%
Change 
%¹
First nine months Change 
%
Change 
%¹
 12 
months 
rolling
Jan-Dec
SEK M 2024 2023 2024 2023 2023
Trucks  80,054  89,848  -11  -6  265,131  273,152  -3  -1  365,027  373,048 
Construction Equipment  18,809  24,296  -23  -20  66,108  78,404  -16  -15  92,686  104,981 
Buses  6,195  5,386  15  21  17,919  15,087  19  20  25,255  22,423 
Volvo Penta  4,707  4,956  -5  -2  15,090  15,975  -6  -4  20,121  21,006 
Group Functions & Other  2,925  3,954  -26  -23  11,863  11,361  4  5  17,311  16,809 
Eliminations  -1,112  -1,219  –  –  -3,655  -3,650  –  –  -5,003  -4,998 
Industrial Operations  111,577  127,220  -12  -8  372,456  390,329  -5  -3  515,397  533,269 
Financial Services  6,712  6,249  7  14  20,045  17,470  15  17  26,588  24,012 
Reclassifications and 
eliminations  -1,311  -1,195  –  –  -4,098  -3,535  –  –  -5,593  -5,030 
Volvo Group net sales  116,978  132,275  -12  -7  388,404  404,264  -4  -2  536,392  552,252 
1 Adjusted for exchange rate fluctuations.
Adjusted operating income 
¹ Third quarter Change 
%
First nine months Change 
%
12 
months 
rolling
Jan-Dec
SEK M 2024 2023 2024 2023 2023
Trucks  9,363  14,038  -33  35,688  41,703  -14  49,379  55,394 
Construction Equipment  2,558  3,733  -31  10,129  13,673  -26  13,449  16,993 
Buses  731  340  115  1,544  736  110  1,867  1,059 
Volvo Penta  831  790  5  2,836  2,865  -1  3,201  3,230 
Group Functions & Other  -468  -860  -46  -1,852  -2,598  -29  -2,204  -2,950 
Eliminations  14  11  –  14  26  –  44  55 
Industrial Operations  13,029  18,051  -28  48,359  56,405  -14  65,736  73,782 
Financial Services  992  1,062  -7  3,030  2,850  6  4,035  3,855 
Reclassifications and 
eliminations  52  144  -64  290  429  -32  378  519 
Volvo Group adjusted 
operating income  14,074  19,258  -27  51,679  59,684  -13  70,149  78,155 
Adjustments ¹  –  -794  –  893  -9,364  –  -597  -10,854 
Volvo Group operating 
income  14,074  18,464  -24  52,572  50,320  4  69,552  67,301 
1  For more information on adjusted operating income, please see note 6.
Adjusted operating margin Third quarter First nine months 12 
months 
rolling
Jan-Dec
% 2024 2023 2024 2023 2023
Trucks  11.7  15.6  13.5  15.3  13.5  14.8 
Construction Equipment  13.6  15.4  15.3  17.4  14.5  16.2 
Buses  11.8  6.3  8.6  4.9  7.4  4.7 
Volvo Penta  17.7  15.9  18.8  17.9  15.9  15.4 
Industrial Operations  11.7  14.2  13.0  14.5  12.8  13.8 
Volvo Group adjusted 
operating margin  12.0  14.4  13.3  14.6  13.1  14.0 
Volvo Group operating 
margin  12.0  13.8  13.5  12.3  13.0  12.1 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 8 BUSINESS SEGMENT OVERVIEW

===== SIDA 9 =====

Market development
In Q3, the European truck market continued to decline compared 
with the high levels of 2023 as freight volumes and freight rates 
have come down from previous peaks. The underlying demand is 
mainly driven by replacements. The increased forecast for 2024 
reflects the relatively good registration levels in the first half of the 
year, due to a pre-buy effect ahead of new safety regulations in the 
EU, which came into effect in July. Truck utilization remains on 
good levels with new vehicles being utilized more and older trucks 
less. 
   The North American market is primarily driven by the vocational 
segment while demand for on-highway trucks is weaker. Many 
retail customers are in a wait-and-see mode and want more 
visibility on the development of the freight market and if interest 
rates will come down further.
The Brazilian truck market continued to pace on a good level in 
Q3 with domestic consumption holding up relatively well. 
Demand was somewhat dampened by heavy rains negatively 
impacting the agricultural segment and by increasing interest 
rates.
In India, the truck market continued to rebound after the 
general election but was negatively impacted by a longer than 
usual monsoon period, which affected both infrastructure projects 
and mining.  
Competition in the Chinese freight market remains fierce, with 
overcapacity in the transport industry, high dealer inventories and 
price pressure on diesel trucks. Sales of LNG trucks, the main 
contributor to the growth in the heavy-duty segment, slowed 
down due to rising LNG prices, while battery electric vehicles is 
increasing in numbers due to lower running cost levels.  
Orders and deliveries
In Q3, net order intake decreased by 8% to 43,234 trucks and 
deliveries decreased by 16% to 46,266 units. Deliveries of heavy-
duty trucks decreased by 9%, of medium-duty trucks by 21% and 
of light-duty trucks by 61%.
In Europe, order intake increased by 11% to 23,546 units, 
mainly driven by higher intake for light-duty trucks as the model 
change initiated during the spring came to an end. Order intake for 
heavy- and medium-duty trucks increased by 8%. Total deliveries 
in Europe decreased by 24% to 20,262 trucks, mainly driven by 
62% lower deliveries of light-duty vehicles as a consequence of 
the model change. Through September, Volvo Trucksʼ total heavy-
duty truck market share increased to 17.5% (17.4) while the 
electric heavy-duty market share increased to 49.3% (46.5). 
Renault Trucksʼ total heavy-duty truck market share increased to 
8.7% (8.6) and the electric heavy-duty market share increased to 
21.1% (19.9).
Order intake in North America decreased by 50% to 8,614 
trucks, affected by long order lead times for Mack's vocational 
products and by Volvo Trucks' order book for 2025 not being 
open until October. Deliveries decreased by 20% to 12,026 
vehicles, affected by disturbances in the supply chain. Through 
August, Volvo Trucksʼ heavy-duty truck market share increased to 
9.1% (9.0) while Mack Trucksʼ market share was flat at 6.0%. 
In South America, order intake increased by 41% to 6,060 
trucks and deliveries increased by 45% to 8,153 vehicles. In 
Brazil, Volvo Trucksʼ heavy-duty truck market share decreased 
somewhat to 23.2% (23.7).
Order intake in Asia decreased by 9% to 3,043 vehicles while 
deliveries decreased by 26% to 3,560 vehicles.
Order intake for fully electric trucks declined by 20% to 887 
vehicles while deliveries decreased by 4% to 767 vehicles. The 
market for electric trucks is still driven by early adopters. A broader 
adoption is dependent on several factors, among them the 
expansion of necessary infrastructure such as charging and the  
total cost of ownership development including incentive schemes.
Order intake in the Indian joint venture, VE Commercial 
Vehicles, increased by 5% to 16,641 vehicles and deliveries 
increased by 3% to 16,552 vehicles.
Deliveries from the Chinese joint venture, Dongfeng 
Commercial Vehicles, decreased by 42% to 11,803 trucks.
Total market development First nine months Change 
%
Full year 
2023
Forecast 
2024
Change vs. 
previous forecast
Forecast 
2025Registrations, number of trucks 2024 2023
Europe 29 ¹ heavy-duty  212,044  234,495  -10  304,360  –  –  – 
Europe 30 ¹ heavy-duty  238,241  262,282  -9  341,892  300,000 +10,000  290,000 
North America heavy-duty, 
retail sales YTD Aug.  198,788  222,918  -11  330,792  290,000 Unchanged  300,000 
Brazil heavy-duty  75,519  59,456  27  82,070  100,000 Unchanged  90,000 
China ² medium- and heavy-duty  532,865  560,502  -5  717,272  750,000 Unchanged  820,000 
India medium- and heavy-duty  263,129  290,453  -9  383,654  370,000 -20,000  380,000 
1 EU29 includes Norway and Switzerland but excludes UK. EU30 includes UK.
2 Previous year has been adjusted to exclude exports.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 9 TRUCKS
Healthy profitability on 
lower volumes 
• In Q3, net sales decreased by 6% adjusted 
for currency to SEK 80,054 M
• Adjusted operating income decreased to 
SEK 9,363 M (14,038) with a margin of 
11.7% (15.6)
• Deliveries decreased by 16% and net order 
intake decreased by 8% compared with Q3 
2023

===== SIDA 10 =====

Net order intake Third quarter Change 
%
First nine months Change 
%Number of trucks 2024 2023 2024 2023
Europe  23,546  21,154  11  69,703  77,284  -10 
   Heavy- and medium-duty  19,016  17,592  8  58,193  62,123  -6 
   Light-duty  4,530  3,562  27  11,510  15,161  -24 
North America  8,614  17,355  -50  27,990  41,222  -32 
South America  6,060  4,284  41  24,441  15,798  55 
Asia  3,043  2,796  9  11,307  13,368  -15 
Africa and Oceania  1,971  1,613  22  6,254  7,878  -21 
Total order intake  43,234  47,202  -8  139,695  155,550  -10 
Heavy-duty (>16 tons)  35,993  38,687  -7  118,759  126,985  -6 
Medium-duty (7-16 tons)  2,716  4,937  -45  9,313  13,265  -30 
Light-duty (<7 tons)  4,525  3,578  26  11,623  15,300  -24 
Total order intake  43,234  47,202  -8  139,695  155,550  -10 
Volvo  24,646  24,519  1  86,424  90,072  -4 
Renault Trucks  13,041  10,662  22  37,940  39,729  -5 
   Heavy- and medium-duty  8,516  7,084  20  26,317  24,429  8 
   Light-duty  4,525  3,578  26  11,623  15,300  -24 
Mack  5,462  11,950  -54  15,039  24,987  -40 
Other brands  85  71  20  292  762  -62 
Total order intake  43,234  47,202  -8  139,695  155,550  -10 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  16,641  15,893  5  49,526  50,575  -2 
Deliveries Third quarter Change 
%
First nine months Change 
%Number of trucks 2024 2023 2024 2023
Europe  20,262  26,546  -24  77,637  92,565  -16 
Heavy- and medium-duty  17,834  20,236  -12  62,544  71,800  -13 
Light-duty  2,428  6,310  -62  15,093  20,765  -27 
North America  12,026  15,041  -20  43,316  47,012  -8 
South America  8,153  5,635  45  20,675  15,495  33 
Asia  3,560  4,842  -26  11,538  16,486  -30 
Africa and Oceania  2,265  3,210  -29  7,505  9,089  -17 
Total deliveries  46,266  55,274  -16  160,671  180,647  -11 
Heavy-duty (>16 tons)  40,583  44,795  -9  134,123  145,834  -8 
Medium-duty (7-16 tons)  3,208  4,086  -21  11,315  13,760  -18 
Light-duty (<7 tons)  2,475  6,393  -61  15,233  21,053  -28 
Total deliveries  46,266  55,274  -16  160,671  180,647  -11 
Volvo  30,876  33,187  -7  98,088  105,431  -7 
Renault Trucks  9,812  14,044  -30  41,371  50,704  -18 
Heavy- and medium-duty  7,337  7,651  -4  26,138  29,651  -12 
Light-duty  2,475  6,393  -61  15,233  21,053  -28 
Mack  5,463  7,749  -30  20,643  23,667  -13 
Other brands  115  294  -61  569  845  -33 
Total deliveries  46,266  55,274  -16  160,671  180,647  -11 
Non-consolidated operations
VE Commercial Vehicles (Eicher)  16,552  16,088  3  49,826  50,486  -1 
Dongfeng Commercial Vehicle Company (Dongfeng Trucks)  11,803  20,495  -42  62,889  67,353  -7 
Net sales and operating income
In Q3 2024, the truck operationʼs net sales decreased by 11% to 
SEK 80,054 M (89,848). Excluding currency effects, net sales 
decreased by 6% with sales of vehicles decreasing by 9% and 
sales of services increasing by 3%.
In Q3 2024, adjusted operating income amounted to SEK 
9,363 M (14,038), corresponding to an adjusted operating 
margin of 11.7% (15.6). There were no adjustments in Q3 2024. 
Adjusted operating income in Q3 2023 excluded costs of SEK 
640 M. For more information on adjusted operating income, see 
note 6.
Compared with Q3 2023, the lower adjusted operating income 
is an effect of lower volumes and higher R&D expenses, which 
were partly offset by price realization and lower freight and raw 
material costs. The supply chain disturbances for Mack and the 
changeover to the all-new Volvo VNL in North America had a 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 10 TRUCKS

===== SIDA 11 =====

combined effect on the' operating margin of approximately -1 
percentage point. Compared with Q3 2023, currency movements 
had a negative impact of SEK 1,176 M.
Reported operating income amounted to SEK 9,363 M (13,397)..
Net order intake and deliveries of fully electric trucks Third quarter Change 
%
First nine months Change 
%Number of trucks 2024 2023 2024 2023
Volvo  289  631  -54  903  1,527  -41 
Renault Trucks  571  390  46  1,230  972  27 
Heavy- and medium-duty  204  285  -28  543  572  -5 
Light-duty  367  105  250  687  400  72 
Mack  27  85  -68  47  109  -57 
Total order intake of fully electric trucks  887  1,106  -20  2,180  2,608  -16 
Volvo  415  335  24  1,483  1,022  45 
Renault Trucks  309  450  -31  1,195  1,198  – 
Heavy- and medium-duty  262  158  66  749  454  65 
Light-duty  47  292  -84  446  744  -40 
Mack  43  11  291  96  18  433 
Total deliveries of fully electric trucks  767  796  -4  2,774  2,238  24 
Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2024 2023 2024 2023
Net sales per geographical region
Europe  34,751  39,522  -12  120,811  125,279  -4 
North America  23,088  27,310  -15  78,983  82,679  -4 
South America  11,709  9,880  19  31,824  26,205  21 
Asia  5,659  7,001  -19  18,263  22,604  -19 
Africa and Oceania  4,847  6,135  -21  15,250  16,385  -7 
Total net sales  80,054  89,848  -11  265,131  273,152  -3 
Net sales per product group
Vehicles  61,802  71,388  -13  210,288  218,993  -4 
Services  18,251  18,460  -1  54,843  54,159  1 
Total net sales  80,054  89,848  -11  265,131  273,152  -3 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  74,162  84,187  -12  247,592  256,966  -4 
Revenue of vehicles and services recognized over contract period  5,892  5,661  4  17,540  16,186  8 
Total net sales  80,054  89,848  -11  265,131  273,152  -3 
Adjusted operating income ¹  9,363  14,038  -33  35,688  41,703  -14 
Adjustments  –  -640  –  140  -6,501  – 
Operating income  9,363  13,397  -30  35,828  35,201  2 
Adjusted operating margin, %  11.7  15.6  13.5  15.3 
Operating margin, %  11.7  14.9  13.5  12.9 
1 For more information on adjusted operating income, please see note 6.
Important events 
In August, the Volvo Group announced that it will build its new 
Mexican heavy-duty truck manufacturing plant in Monterrey. The 
plant will supplement the Groupʼs U.S. production and provide 
additional capacity to support the growth plans of both Volvo 
Trucks and Mack Trucks in the U.S. and Canada as well as Mack 
truck sales in Mexico and Latin America. The plant is expected to 
be operational in 2026.
Production of the all-new Volvo VNL range for the North 
American market began towards the end of Q3, see image on 
page 9. The new trucks provide a significant step up in fuel 
efficiency and productivity compared to the previous models.
Volvo Trucks announced in September that next year they will 
launch a new long-range version of its FH Electric that will be able 
to reach up to 600 km on one charge. This will allow for the 
operation of electric trucks on interregional and long-distance 
routes and to drive a full working day without having to recharge. 
The new Volvo FH Electric will be released for sale during the 
second half of 2025.
In Q3, the Volvo Group agreed to acquire the Mack body in 
white production from a supplier to strengthen the supply chain. 
The deal was closed in October.     
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 11 TRUCKS

===== SIDA 12 =====

Market development
Compared with 2023, the total machine market contracted in Q3, 
largely due to a slowdown in Europe. North America and Asia 
excluding China also declined while the market in China grew.
In Europe, the market continued to come down from last yearʼs 
historically high levels. The decline was driven by a combination of 
low business confidence and a saturated end market.
The North American market came down from very high levels, 
as a consequence of normalizing replenishment of dealer fleets 
and somewhat lower end customer demand due to repositioning 
of fleets and higher interest rates.
In South America, the market grew driven by good demand in 
Brazil, Peru and Chile.
The Chinese market grew on the back of governmental policies 
attempting to stimulate the real estate market.
Asia excluding China was slightly down overall, with total 
market growth in India, Indonesia and the Middle East while 
Southeast Asian markets and Turkey experienced declines, partly 
driven by revised government infrastructure investments.
Orders and deliveries
In Q3, net order intake increased by 5%. However, order intake 
for the Volvo brand decreased by 11% as growth in Europe, 
South America and Asia including China could not outweigh a 
decline in North America, which was mainly driven by timing of 
orders. SDLGʼs order intake improved year over year mainly driven 
by the Chinese market.
Deliveries in Q3 were 12% below last year due the continued 
lower market demand and destocking of the pipeline in Europe 
and North America, which were partly offset by increased 
deliveries for SDLG in China. Production volumes have been 
lowered to adapt to current demand and reduce pipeline stock.
 
Total market development Year-to-date 
August Forecast Previous forecast Forecast
Change in % measured in units 2024 2024 2024 2025
Europe  -25 -25% to -15% -25% to -15% -5% to +5%
North America  -9 -15% to -5% -10% to 0% -10% to 0%
South America  5 -5% to +5% -5% to +5% -5% to +5%
Asia excl. China  -2 -10% to 0% -15% to -5% -5% to +5%
China  5 -5% to +5% -10% to 0% -5% to +5%
Net order intake Third quarter Change 
%
First nine months Change 
%Number of construction equipment 2024 2023 2024 2023
Europe  1,877  1,302  44  6,571  6,810  -4 
North America  774  2,146  -64  3,626  5,806  -38 
South America  770  485  59  1,887  1,601  18 
Asia  6,643  5,721  16  23,955  19,519  23 
Africa and Oceania  717  634  13  2,116  2,315  -9 
Total orders  10,781  10,288  5  38,155  36,051  6 
Large and medium construction equipment  8,531  8,203  4  28,819  28,037  3 
Compact construction equipment  2,250  2,085  8  9,335  8,014  16 
Of which fully electric  466  217  115  1,202  681  77 
Total orders  10,781  10,288  5  38,154  36,051  6 
Of which:
Volvo  4,995  5,641  -11  17,886  20,917  -14 
SDLG  5,743  4,570  26  20,118  14,917  35 
Of which in China  4,168  3,525  18  15,692  10,881  44 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 12 CONSTRUCTION EQUIPMENT
• In Q3, deliveries decreased by 12% while 
order intake increased by 5%
• Adjusted and reported operating income of 
SEK 2,558 M (3,733), with a margin of 
13.6% (15.4)
• Service sales increased by 2%, adjusted for 
currency
Good margin despite 
lower volumes in Europe 
and North America

===== SIDA 13 =====

Deliveries Third quarter Change 
%
First nine months Change 
%Number of construction equipment 2024 2023 2024 2023
Europe  2,131  3,590  -41  8,282  12,629  -34 
North America  1,712  2,425  -29  5,357  7,409  -28 
South America  559  585  -4  1,552  1,628  -5 
Asia  6,597  5,933  11  24,131  20,242  19 
Africa and Oceania  704  772  -9  2,092  2,805  -25 
Total deliveries  11,703  13,305  -12  41,414  44,713  -7 
Large and medium construction equipment  9,346  10,143  -8  31,484  33,711  -7 
Compact construction equipment  2,357  3,162  -25  9,930  11,002  -10 
Of which fully electric  504  239  111  1,305  669  95 
Total deliveries  11,703  13,305  -12  41,414  44,713  -7 
Of which:
Volvo  5,916  8,658  -32  21,145  29,579  -29 
SDLG  5,743  4,570  26  20,118  14,917  35 
Of which in China  4,168  3,525  18  15,692  10,881  44 
Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2024 2023 2024 2023
Net sales per geographical region
Europe  5,718  7,638  -25  20,439  25,662  -20 
North America  5,055  7,706  -34  18,441  22,366  -18 
South America  997  1,132  -12  2,780  2,995  -7 
Asia  5,533  5,944  -7  19,630  21,083  -7 
Africa and Oceania  1,506  1,876  -20  4,818  6,297  -23 
Total net sales  18,809  24,296  -23  66,108  78,404  -16 
Net sales per product group
Construction equipment  14,849  20,272  -27  54,272  66,446  -18 
Services  3,960  4,024  -2  11,836  11,958  -1 
Total net sales  18,809  24,296  -23  66,108  78,404  -16 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  17,985  23,504  -23  63,608  76,272  -17 
Revenue of vehicles and services recognized over contract period  824  792  4  2,500  2,132  17 
Total net sales  18,809  24,296  -23  66,108  78,404  -16 
Adjusted operating income ¹  2,558  3,733  -31  10,129  13,673  -26 
Adjustments  –  –  –  –  –  – 
Operating income  2,558  3,733  -31  10,129  13,673  -26 
Adjusted operating margin, %  13.6  15.4  15.3  17.4 
Operating margin, %  13.6  15.4  15.3  17.4 
1  For more information on adjusted operating income, please see note 6.
Net sales and operating income
In Q3 2024, net sales decreased by 23% to SEK 18,809 M 
(24,296). Adjusted for currency movements net sales decreased 
by 20%, of which net sales of machines decreased by 24% and 
service sales increased by 2%.
Both adjusted and reported operating income amounted to SEK 
2,558 M (3,733), corresponding to an operating margin of 
13.6% (15.4). For more information on adjusted operating 
income, please see note 6.
Compared with Q3 2023, a negative brand and market mix and 
lower volumes were partly offset by lower raw material costs, 
price realization and lower R&D expenses.
 Compared with Q3 2023, currency movements had a negative 
impact of SEK 65 M.
Important events 
During Q3 Volvo Construction Equipment continued the market 
launch of new and upgraded models of its most important product 
and service lines in key markets in Asia and North America. This 
included an entire range of the excavator portfolio as well as the 
highly anticipated L120 electric wheel loader.
Volvo CE also inaugurated a new investment in its wheel loader 
facility in Arvika, Sweden to support the production of electric 
wheel loaders at the plant. 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 13 CONSTRUCTION EQUIPMENT

===== SIDA 14 =====

In Q3, demand for buses remained strong in many markets, 
particularly in the coach segment. Net order intake increased by 
6% compared with Q3 2023. The transition towards electric 
vehicles in city traffic continued and orders for 186 electric buses 
were confirmed in Q3. 
Deliveries increased by 13% to 1,604 units, driven by a good 
development in most of the bus markets, particularly in North and 
South America.
In Q3, net sales increased by 15% to SEK 6,195 M (5,386). 
Adjusted for currency, net sales increased by 21%, whereof 
vehicle sales by 23% and service sales by 15%.
Both adjusted and reported operating income amounted to SEK 
731 M (340), corresponding to an operating margin of 11.8% 
(6.3). For  information on adjusted operating income, please see 
Note 6.
Operating income was positively impacted by price realization, 
a favorable market and product mix and higher volumes, while 
increased manufacturing costs had a negative impact. Compared 
with Q3 2023, currency movements had a negative impact of 
SEK 101 M.
In Q3, Volvo Buses launched the first fully electric bi-articulated 
buses based on the global BZR electric platform. The new buses 
meet all Bus Rapid Transport (BRT) system requirements and 
operate in 100% electric mode. The bi-articulated chassis can be 
up to 28 meters long with a transport capacity for the buses of up 
to 250 passengers. The buses are now on trial in Brazil, Colombia 
and Mexico. 
Net order intake and deliveries ¹ Third quarter Change 
%
First nine months Change 
%Number of buses 2024 2023 2024 2023
Total orders  1,677  1,587  6  3,928  5,169  -24 
Of which fully electric  186  207  -10  384  572  -33 
Of which hybrids  –  2  –  –  9  – 
Total deliveries  1,604  1,420  13  4,549  3,881  17 
Of which fully electric  89  31  187  206  196  5 
Of which hybrids  12  30  -60  48  126  -62 
Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2024 2023 2024 2023
Net sales per geographical region
Europe  1,606  1,387  16  4,664  4,696  -1 
North America  2,734  2,111  30  8,136  5,959  37 
South America  608  865  -30  1,627  1,542  6 
Asia  435  452  -4  1,336  1,180  13 
Africa and Oceania  813  571  42  2,155  1,709  26 
Total net sales  6,195  5,386  15  17,919  15,087  19 
Net sales per product group
Vehicles  4,649  3,994  16  13,502  11,061  22 
Services  1,547  1,391  11  4,417  4,026  10 
Total net sales  6,195  5,386  15  17,919  15,087  19 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  5,927  5,123  16  17,085  14,396  19 
Revenue of vehicles and services recognized over contract period  268  263  2  834  690  21 
Total net sales  6,195  5,386  15  17,919  15,087  19 
Adjusted operating income ¹  731  340  115  1,544  736  110 
Adjustments  –  –  –  200  -1,439  – 
Operating income  731  340  115  1,744  -703  – 
Adjusted operating margin, %  11.8  6.3  8.6  4.9 
Operating margin, %  11.8  6.3  9.7  -4.7 
1  For more information on adjusted operating income, please see note 6.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 14 BUSES
• In Q3, deliveries increased by 13% and net 
order intake increased by 6%
• Adjusted and reported operating income 
improved to SEK 731 M (340) with a margin 
of 11.8% (6.3)
• Service sales increased by 15% adjusted for 
currency
Continued improvement 
in profitability

===== SIDA 15 =====

In Q3, demand for smaller powerboats continued to be adversely 
impacted by the unfavorable business cycle, while the patrol and 
offshore wind sectors continued to show resilience. For off-
highway applications, the market developed favorably with higher 
activity levels in both mining and agriculture. Demand for power 
generation applications remained on good levels.
In Q3, net order intake decreased by 18% to 6,394 units 
compared with Q3 2023 and deliveries decreased by 18% to 
7,998 units, mainly because of lower demand for smaller engines.
Net sales decreased by 5% to SEK 4,707 M (4,956). Adjusted 
for currency movements, net sales decreased by 2%, of which 
sales of engines decreased by 3% and sales of services increased 
by 2%.
Both adjusted and reported operating income amounted to SEK 
831 M (790), corresponding to an operating margin of 17.7% 
(15.9). For more information on adjusted operating income, 
please see note 6. 
 Price realization and a favorable product mix contributed to the 
profitability, but these were partly offset by lower volumes. 
Compared with Q3 2023, the currency impact on operating 
income was negative in an amount of SEK 106 M.
In Q3, the first vessel with the Volvo Penta IPS (Inboard 
Performance System) Professional platform went into operation in 
a crew transport vessel operated by Northern Offshore Services. 
The fully integrated IPS continually manages and optimizes engine 
use based on real-time needs during operation.
The worldʼs first yacht to pilot Volvo Pentaʼs helm-to-propeller 
hybrid-electric package with Volvo Penta IPS was unveiled in 
collaboration with Azimut Yachts, see image above.
Net order intake and deliveries Third quarter Change 
%
First nine months Change 
%Number of Engines 2024 2023 2024 2023
Total orders  6,394  7,789  -18  22,291  29,880  -25 
Of which fully electric  32  43  -26  70  73  -4 
Total deliveries  7,998  9,811  -18  27,384  33,799  -19 
Of which fully electric  24  30  -20  90  81  11 
Net sales and operating income Third quarter Change 
%
First nine months Change 
%SEK M 2024 2023 2024 2023
Net sales per geographical region
Europe  2,173  2,434  -11  7,317  8,278  -12 
North America  1,044  1,058  -1  2,981  3,156  -6 
South America  196  199  -1  631  548  15 
Asia  963  947  2  3,113  2,950  6 
Africa and Oceania  330  318  4  1,048  1,043  – 
Total net sales  4,707  4,956  -5  15,090  15,975  -6 
Net sales per product group
Engines  3,271  3,499  -7  10,772  11,649  -8 
Services  1,436  1,458  -1  4,318  4,326  – 
Total net sales  4,707  4,956  -5  15,090  15,975  -6 
Timing of revenue recognition
Revenue of vehicles and services recognized at the point of delivery  4,694  4,947  -5  15,050  15,956  -6 
Revenue of vehicles and services recognized over contract period  13  10  30  40  19  111 
Total net sales  4,707  4,956  -5  15,090  15,975  -6 
Adjusted operating income ¹  831  790  5  2,836  2,865  -1 
Adjustments  –  –  –  –  –  – 
Operating income  831  790  5  2,836  2,865  -1 
Adjusted operating margin, %  17.7  15.9  18.8  17.9 
Operating margin, %  17.7  15.9  18.8  17.9 
1  For more information on adjusted operating income, please see note 6.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 15 VOLVO PENTA
Continued strong 
profitability
• In Q3, deliveries decreased by 18% and order 
intake decreased by 18%
• Adjusted and reported operating income of 
SEK 831 M (790) with a margin of 17.7% 
(15.9)
• Worldʼs first yacht to pilot Volvo Pentaʼs helm-
to-propeller electric hybrid package with Volvo 
Penta IPS unveiled

===== SIDA 16 =====

In Q3 2024, Volvo Financial Services continued to grow the credit 
portfolio and the penetration remained stable in a competitive 
environment. Adjusted for currency, the net credit portfolio 
increased by 9% compared with Q3 2023. The portfolio 
performance continued to be good, with customer delinquencies 
trending at average business cycle levels.
Compared with Q3 2023, new business volume remained 
stable, when adjusted for currency.
In Q3, the adjusted operating income decreased to SEK 992 M 
(1,062). For more information on adjusted operating income, 
please see note 6. 
The solid portfolio performance was offset by increased credit 
provision expenses and unfavorable currency movements, which 
had a negative impact of SEK 55 M compared with Q3 2023.
Reported operating income amounted to SEK 992 M (927). 
Return on equity increased to 13.2% (10.2%).
Financial Services Third quarter First nine months
SEK M unless otherwise stated 2024 2023 2024 2023
Number of financed units, 12 months rolling  64,639  67,734 
Total penetration rate, 12 months rolling, % ¹  28  27 
New retail financing volume, SEK billion  27.8  29.2  79.4  83.5 
Credit portfolio net, SEK billion  262  255 
Credit provision expenses ²  199  150  733  418 
Adjusted operating income ³  992  1,062  3,030  2,850 
Adjustments ³  –  -136  –  -136 
Operating income  992  927  3,030  2,714 
Credit reserves ², % of credit portfolio  1.33  1.42 
Return on equity ², 12 months rolling, %  13.2  10.2 
1 Share of unit sales financed by Volvo Financial Services in relation to the total number of units sold by the Volvo Group in markets where financial services 
are offered. 
2 2023 included Russian and Belarus operations, which were divested in Q3 2023.
3 For more information on adjustments, please see note 6.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 16 FINANCIAL SERVICES
Solid portfolio 
performance and 
stable earnings
• In Q3, the net credit portfolio increased by 
9%, adjusted for currency
• Solid portfolio performance
• Adjusted operating income of SEK 992 M 
(1,062)

===== SIDA 17 =====

CONSOLIDATED INCOME STATEMENT - THIRD QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2024 2023 2024 2023 2024 2023 2024 2023
Net sales¹  111,577  127,220  6,712  6,249  -1,311  -1,195  116,978  132,275 
Cost of sales¹  -81,587  -92,819  -4,749  -4,271  1,363  1,339  -84,973  -95,751 
Gross income  29,990  34,402  1,963  1,978  52  144  32,005  36,524 
Research and development expenses  -7,213  -6,305  –  –  –  –  -7,213  -6,305 
Selling expenses  -7,118  -7,399  -819  -803  –  –  -7,938  -8,202 
Administrative expenses  -1,651  -1,682  -4  -4  –  –  -1,655  -1,686 
Other operating income and expenses  -447  -936  -147  -245  –  –  -594  -1,180 
Income/loss from investments in joint 
ventures and associated companies  -530  -665  –  –  –  –  -530  -665 
Income/loss from other investments  -1  -22  –  –  –  –  -1  -22 
Operating income  13,029  17,393  992  927  52  144  14,074  18,464 
Interest income and similar credits  653  800  –  –  -52  -144  601  656 
Interest expenses and similar charges¹  -375  -417  –  –  –  –  -375  -417 
Other financial income and expenses  -727  -67  –  –  –  –  -727  -67 
Income after financial items  12,580  17,710  992  927  –  –  13,573  18,636 
Income taxes  -3,232  -4,262  -268  -282  –  –  -3,500  -4,543 
Income for the period *  9,348  13,448  725  645  –  –  10,073  14,093 
* Attributable to:
Owners of AB Volvo  10,017  14,092 
Non-controlling interest  56  1 
Basic earnings per share, SEK  4.93  6.93 
Diluted earnings per share, SEK  4.93  6.93 
Key ratios, %
Gross margin  26.9  27.0  27.4  27.5 
Research and development expenses as % 
of net sales  6.5  5.0  6.2  4.8 
Selling expenses as % of net sales  6.4  5.8  6.8  6.2 
Administrative expenses as % of net sales  1.5  1.3  1.4  1.3 
Operating margin  11.7  13.7  12.0  13.8 
1   As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance 
net to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively 
with SEK 144 M in Q3 2023. The effect on key ratios is insignificant.
CONSOLIDATED OTHER COMPREHENSIVE INCOME - THIRD QUARTER 
SEK M 2024 2023
Income for the period  10,073  14,093 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  -149  335 
Remeasurements of holding of shares at fair value  15  -3 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  -2,501  -2,015 
Share of OCI related to joint ventures and associated companies  -382  -301 
Accumulated exchange differences reversed to income  -422  -318 
Other comprehensive income, net of income taxes  -3,439  -2,303 
Total comprehensive income for the period *  6,634  11,791 
* Attributable to:
Owners of AB Volvo  6,632  11,809 
Non-controlling interest  3  -18 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 17 FINANCIAL STATEMENTS

===== SIDA 18 =====

CONSOLIDATED INCOME STATEMENT - FIRST NINE MONTHS
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2024 2023 2024 2023 2024 2023 2024 2023
Net sales¹  372,456  390,329  20,045  17,470  -4,098  -3,535  388,404  404,264 
Cost of sales¹  -270,128  -285,314  -13,885  -11,876  4,388  3,965  -279,625  -293,225 
Gross income  102,328  105,015  6,160  5,594  290  429  108,778  111,038 
Research and development expenses  -22,761  -19,616  –  –  –  –  -22,761  -19,616 
Selling expenses  -22,883  -21,995  -2,513  -2,430  –  –  -25,396  -24,426 
Administrative expenses  -5,596  -5,196  -11  -11  –  –  -5,607  -5,207 
Other operating income and expenses  -572  -9,599  -606  -434  –  –  -1,178  -10,033 
Income/loss from investments in joint 
ventures and associated companies  -1,277  -1,414  –  –  –  –  -1,277  -1,414 
Income/loss from other investments  12  -18  –  -5  –  –  12  -23 
Operating income  49,252  47,176  3,030  2,714  290  429  52,572  50,320 
Interest income and similar credits  2,323  2,229  –  –  -290  -430  2,032  1,800 
Interest expenses and similar charges¹  -1,109  -1,278  –  –  –  –  -1,109  -1,278 
Other financial income and expenses  -946  -999  –  –  –  –  -946  -999 
Income after financial items  49,520  47,129  3,030  2,714  –  –  52,550  49,843 
Income taxes  -11,943  -11,236  -848  -761  –  –  -12,791  -11,997 
Income for the period *  37,577  35,893  2,182  1,953  –  –  39,759  37,846 
* Attributable to:
Owners of AB Volvo  39,648  37,772 
Non-controlling interest  111  74 
Basic earnings per share, SEK  19.50  18.58 
Diluted earnings per share, SEK  19.50  18.58 
Key ratios, %
Gross margin  27.5  26.9  28.0  27.3 
Research and development expenses as % 
of net sales  6.1  5.0  5.9  4.8 
Selling expenses as % of net sales  6.1  5.6  6.5  6.0 
Administrative expenses as % of net sales  1.5  1.3  1.4  1.3 
Operating margin  13.2  12.1  13.5  12.3 
1   As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance 
net to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively 
with SEK 429 M for the first nine months, 2023. The effect on key ratios is insignificant.
CONSOLIDATED OTHER COMPREHENSIVE INCOME - FIRST NINE MONTHS
SEK M 2024 2023
Income for the period  39,759  37,846 
Items that will not be reclassified to income statement:
Remeasurements of defined benefit pension plans  -1,332  318 
Remeasurements of holding of shares at fair value  8  6 
Items that may be reclassified subsequently to income statement:
Exchange differences on translation of foreign operations  -181  1,728 
Share of OCI related to joint ventures and associated companies  276  243 
Accumulated translation difference reversed to income  -423  -318 
Other comprehensive income, net of income taxes  -1,652  1,978 
Total comprehensive income for the period *  38,107  39,824 
* Attributable to:
Owners of AB Volvo  37,932  39,782 
Non-controlling interest  175  42 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 18 FINANCIAL STATEMENTS

===== SIDA 19 =====

CONSOLIDATED BALANCE SHEET
Industrial Operations Financial Services Eliminations Volvo Group
SEK M
Sep 30 
2024
Dec 31 
2023
Sep 30 
2024
Dec 31 
2023
Sep 30 
2024
Dec 31 
2023
Sep 30 
2024
Dec 31 
2023
Assets
Non-current assets
Intangible assets  42,756  42,378  140  135  –  –  42,897  42,512 
Tangible assets
Property, plant and equipment  74,006  68,393  56  56  –  –  74,062  68,449 
Assets under operating leases  35,537  35,154  20,844  21,318  -15,619  -14,562  40,762  41,910 
Financial assets
Investments in joint ventures and 
associated companies  22,013  19,158  –  –  –  –  22,013  19,158 
Other shares and participations  941  862  17  18  –  –  959  881 
Non-current customer-financing 
receivables  1,468  1,605  125,942  121,987  -1,799  -1,954  125,611  121,638 
Net pension assets  1,883  2,039  –  –  –  –  1,883  2,039 
Non-current interest-bearing receivables  6,390  3,405  –  950  -2,160  -950  4,230  3,405 
Other non-current receivables  6,531  6,431  320  283  -201  -197  6,650  6,518 
Deferred tax assets  13,576  14,142  2,057  2,044  –  –  15,633  16,186 
Total non-current assets  205,102  193,566  149,376  146,791  -19,779  -17,662  334,699  322,695 
Current assets
Inventories  83,508  75,958  1,091  904  –  –  84,598  76,863 
Current receivables
Customer-financing receivables  898  1,027  115,068  110,822  -1,451  -1,284  114,515  110,565 
Tax assets  6,302  1,329  945  895  –  –  7,248  2,223 
Interest-bearing receivables  1,356  2,784  –  –  -16  -19  1,340  2,765 
Internal funding  4,072  10,680  –  –  -4,072  -10,680  –  – 
Accounts receivables  38,152  41,383  1,794  1,827  –  –  39,946  43,210 
Other receivables  22,173  22,173  3,333  3,283  -4,623  -5,084  20,882  20,372 
Marketable securities  203  89  –  –  –  –  203  89 
Cash and cash equivalents  64,153  78,858  5,605  5,785  -1,230  -1,318  68,529  83,326 
Assets held for sale  370  11,960  –  –  –  –  370  11,960 
Total current assets  221,187  246,241  127,836  123,516  -11,392  -18,384  337,631  351,373 
Total assets  426,289  439,807  277,212  270,307  -31,171  -36,046  672,330  674,068 
Equity and liabilities
Equity attributable to owners of AB Volvo  157,034  156,171  22,175  21,620  –  –  179,210  177,791 
Non-controlling interest  3,095  2,948  –  –  –  –  3,095  2,948 
Total equity  160,129  159,119  22,175  21,620  –  –  182,304  180,739 
Non-current provisions
Provisions for post-employment benefits  12,666  11,138  82  81  –  –  12,748  11,219 
Other provisions  12,416  12,902  59  76  –  –  12,475  12,979 
Non-current liabilities
Bond loans  115,661  96,970  –  –  –  –  115,661  96,970 
Other loans  24,742  23,779  17,873  19,352  -1,507  -1,599  41,108  41,532 
Internal funding  -129,242  -109,059  113,200  112,231  16,042  -3,173  –  – 
Deferred tax liabilities  2,290  2,486  1,992  2,238  –  –  4,282  4,725 
Other liabilities  51,815  49,600  1,780  1,701  -10,972  -9,759  42,623  41,542 
Current provisions  18,816  19,609  38  14  –  –  18,854  19,623 
Current liabilities
Bond loans  37,012  46,641  –  –  –  –  37,012  46,641 
Other loans  44,459  40,804  12,883  11,861  -895  -1,017  56,448  51,648 
Internal funding   -71,679  -79,494  96,194  89,985  -24,515  -10,491  –  – 
Trade payables  70,135  81,883  586  1,103  –  –  70,720  82,987 
Tax liabilities  7,553  4,140  1,076  947  –  –  8,629  5,087 
Other liabilities  69,506  71,130  9,274  9,095  -9,324  -10,007  69,456  70,218 
Liabilities held for sale  10  8,157  –  –  –  –  10  8,157 
Total equity and liabilities  426,289  439,807  277,212  270,307  -31,171  -36,046  672,330  674,068 
Key ratios, %
Equity ratio  37.6  36.2  8.0  8.0  27.1  26.8 
Equity attributable to owners of AB Volvo, 
per share in SEK  88.1  87.4 
Return on operating capital ¹  75.9  71.3 
Return on capital employed ¹  38.3  36.7 
Return on equity ¹  13.2  13.0  29.6  28.7 
1 12 months rolling.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 19 FINANCIAL STATEMENTS

===== SIDA 20 =====

Net financial position excl. post-employment benefits and lease 
liabilities Industrial Operations Volvo Group
SEK bn
Sep 30 
2024
Dec 31 
2023
Sep 30 
2024
Dec 31 
2023
Non-current interest-bearing assets
Non-current customer-financing receivables  –  –  125.6  121.6 
Non-current interest-bearing receivables  6.4  3.4  4.2  3.4 
Current interest-bearing assets
Customer-financing receivables  –  –  114.5  110.6 
Interest-bearing receivables  1.4  2.8  1.3  2.8 
Internal funding  4.1  10.7  –  – 
Marketable securities  0.2  0.1  0.2  0.1 
Cash and cash equivalents  64.2  78.9  68.5  83.3 
Assets held for sale  –  –  –  – 
Total interest-bearing financial assets  76.2  95.8  314.4  321.8 
Non-current interest-bearing liabilities
Bond loans  -115.7  -97.0  -115.7  -97.0 
Other loans  -19.1  -18.4  -35.6  -36.2 
Internal funding  129.2  109.1  –  – 
Current interest-bearing liabilities
Bond loans  -37.0  -46.6  -37.0  -46.6 
Other loans  -42.4  -38.9  -54.4  -49.8 
Internal funding  71.7  79.5  –  – 
Liabilities held for sale  –  –  –  – 
Total interest-bearing financial liabilities excl. lease liabilities  -13.2  -12.4  -242.6  -229.6 
Net financial position excl. post-employment benefits and lease liabilities 62.9  83.4  71.8  92.2 
Provisions for post-employment benefits and lease liabilities, net
Industrial Operations Volvo Group
SEK bn
Sep 30 
2024
Dec 31 
2023
Sep 30 
2024
Dec 31 
2023
Non-current lease liabilities  -5.6  -5.3  -5.6  -5.3 
Current lease liabilities  -2.1  -1.9  -2.0  -1.9 
Provisions for post-employment benefits, net  -10.8  -9.1  -10.9  -9.2 
Liabilities held for sale  –  -0.4  –  -0.4 
Provisions for post-employment benefits and lease liabilities, net  -18.5  -16.7  -18.5  -16.8 
Net financial position incl. post-employment benefits and lease liabilities Industrial Operations Volvo Group
SEK bn
Sep 30 
2024
Dec 31 
2023
Sep 30 
2024
Dec 31 
2023
Net financial position excl. post-employment benefits and lease liabilities  62.9  83.4  71.8  92.2 
Provisions for post-employment benefits and lease liabilities, net  -18.5  -16.7  -18.5  -16.8 
Net financial position incl. post-employment benefits and lease liabilities 44.4  66.7  53.3  75.4 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 20 FINANCIAL STATEMENTS

===== SIDA 21 =====

Changes in net financial position, 
Industrial Operations Third quarter 
First nine 
months
SEK bn 2024 2024
Net financial position excl. post-employment benefits and lease liabilities at the end of previous 
period  59.3  83.4 
Operating cash flow  3.1  21.0 
Investments and divestments of shares, net  -0.6  -4.1 
Acquired and divested operations, net  1.6  -0.5 
Capital injections to/from Financial Services  0.7  1.1 
Currency effect  -0.6  0.5 
Dividend to owners of AB Volvo  –  -36.6 
Dividend to non-controlling interest  –  – 
Other changes  -0.7  -1.9 
Net financial position excl. post-employment benefits and lease liabilities at the end of period  62.9  62.9 
Provisions for post-employment benefits and lease liabilities at the end of previous period  -18.7  -16.7 
Pension payments, included in operating cash flow  0.3  1.3 
Remeasurements of defined post-employment benefits  -0.2  -1.7 
Service costs and other pension costs  -0.3  -1.0 
Investments, remeasurements and amortizations of lease contracts  -0.1  -0.1 
Transfer pensions and lease liabilities to divested entities  0.3  0.2 
Currency effect  0.3  -0.2 
Other changes  -0.1  -0.4 
Provisions for post-employment benefits and lease liabilities at the end of period  -18.5  -18.5 
Net financial position incl. post-employment benefits and lease liabilities at the end of period  44.4  44.4 
CHANGES IN CONSOLIDATED EQUITY
SEK M
Equity attributable to 
owners of AB Volvo
Non-controlling 
interest Total equity
Balance as of December 31, 2022  162,717  3,519  166,236 
Income for the period  49,825  107  49,932 
Other comprehensive income for the period  -6,094  -191  -6,285 
Total comprehensive income for the period  43,731  -84  43,647 
Dividend  -28,468  -457  -28,926 
Changes in non-controlling interests  –  -29  -29 
Other changes  -189  –  -189 
Transactions with shareholders  -28,658  -486  -29,143 
Balance as of December 31, 2023  177,791  2,948  180,739 
Income for the period  39,648  111  39,759 
Other comprehensive income for the period  -1,715  64  -1,652 
Total comprehensive income for the period  37,932  175  38,107 
Dividend  -36,602  -16  -36,618 
Changes in non-controlling interests  –  -21  -21 
Other changes  89  8  98 
Transactions with shareholders  -36,513  -28  -36,542 
Balance as of September 30, 2024  179,210  3,095  182,304 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 21 FINANCIAL STATEMENTS

===== SIDA 22 =====

CONSOLIDATED CASH FLOW STATEMENT - THIRD QUARTER 
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2024 2023 2024 2023 2024 2023 2024 2023
Operating activities
Operating income  13,029  17,393  992  927  52  144  14,074  18,464 
Amortization intangible assets  992  743  10  6  –  –  1,002  749 
Depreciation tangible assets  2,282  2,256  6  5  –  –  2,288  2,261 
Depreciation leasing vehicles  886  1,058  1,236  1,266  –  –  2,122  2,324 
Other non-cash items  146  753  211  341  –  –  357  1,094 
Total change in working capital whereof  -7,531  -8,370  71  -9,441  -124  26  -7,585  -17,785 
Change in accounts receivables  4,952  2,130  35  31  –  –  4,987  2,162 
Change in customer-financing receivables  19  -6  1,102  -7,946  -126  45  995  -7,908 
Change in inventories  807  -1,450  -66  -142  –  –  740  -1,592 
Change in trade payables  -11,698  -9,767  51  134  –  –  -11,647  -9,633 
Change in vehicles on operating lease and 
assets for service solutions¹  -403  -593  -866  -1,226  35  -5  -1,234  -1,824 
Other changes in working capital  -1,209  1,316  -184  -292  -34  -13  -1,427  1,011 
Dividends received from joint ventures and 
associated companies  11  –  –  –  –  –  11  – 
Interest and similar items received  644  735  –  –  -52  -144  591  590 
Interest and similar items paid  -281  -372  –  –  34  14  -247  -357 
Other financial items  -61  -19  –  –  –  –  -61  -19 
Income taxes paid  -2,930  -4,306  -329  -218  –  –  -3,260  -4,525 
Cash flow from operating activities  7,185  9,871  2,197  -7,114  -90  40  9,292  2,797 
Investing activities
Investments in intangible assets  -861  -1,051  -9  -10  –  –  -870  -1,061 
Investments in tangible assets  -3,353  -3,264  –  -10  –  –  -3,354  -3,274 
Disposals of in-/tangible assets  98  54  1  2  –  –  99  56 
Operating cash flow  3,069  5,609  2,189  -7,132  -90  40  5,167  -1,483 
Investments of shares  -609  -15 
Divestment of shares  –  316 
Acquired operations  -271  -16 
Divested operations  1,918  -2,499 
Interest-bearing receivables incl. marketable 
securities  -20  -32 
Cash flow after net investments  6,185  -3,730 
Financing activities
New borrowings  93,702  75,387 
Repayments of borrowings  -97,620  -69,168 
Dividend to owners of AB Volvo  –  – 
Dividend to non-controlling interest  -16  -235 
Other  -36  -26 
Change in cash and cash equivalents excl. 
exchange rate changes  2,215  2,228 
Effect of exchange rate changes on cash and 
cash equivalents  -588  -898 
Change in cash and cash equivalents  1,627  1,329 
Cash and cash equivalents, beginning of 
quarter  66,902  63,819 
Cash and cash equivalents, end of quarter  68,529  65,148 
1 As from 2024, change in vehicles on operating lease and assets for service solutions is presented separately in the cash flow statement. The comparative 
figures for 2023 have been restated.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 22 FINANCIAL STATEMENTS

===== SIDA 23 =====

CONSOLIDATED CASH FLOW STATEMENT - FIRST NINE MONTHS
Industrial Operations Financial Services Eliminations Volvo Group
SEK M 2024 2023 2024 2023 2024 2023 2024 2023
Operating activities
Operating income  49,252  47,176  3,030  2,714  290  429  52,572  50,320 
Amortization intangible assets  2,872  2,229  26  22  –  –  2,898  2,251 
Depreciation tangible assets  6,647  6,444  19  16  –  –  6,666  6,460 
Depreciation leasing vehicles  2,898  3,272  3,824  3,750  –  –  6,722  7,022 
Other non-cash items  118  9,453  736  826  –  -1  854  10,278 
Total change in working capital whereof  -18,526  -21,035  -13,003  -34,037  -104  -469  -31,633  -55,542 
Change in accounts receivables  4,533  2,229  41  -329  –  –  4,574  1,900 
Change in customer-financing receivables  59  65  -9,495  -31,088  31  -325  -9,405  -31,348 
Change in inventories  -6,384  -15,483  -195  -145  –  –  -6,580  -15,628 
Change in trade payables  -12,263  -6,858  -539  -6  –  –  -12,801  -6,865 
Change in vehicles on operating lease and 
assets for service solutions¹  -747  -915  -3,026  -3,386  71  -9  -3,702  -4,310 
Other changes in working capital  -3,725  -72  212  916  -206  -136  -3,719  709 
Dividends received from joint ventures and 
associated companies  163  108  –  –  –  –  163  108 
Interest and similar items received  2,353  2,250  –  –  -290  -430  2,063  1,820 
Interest and similar items paid  -886  -1,401  –  –  20  21  -865  -1,380 
Other financial items  -317  -177  –  –  –  –  -317  -177 
Income taxes paid  -12,490  -13,850  -1,020  -886  –  –  -13,509  -14,736 
Cash flow from operating activities  32,085  34,470  -6,388  -27,595  -84  -450  25,614  6,425 
Investing activities
Investments in intangible assets  -2,690  -3,578  -41  -38  –  –  -2,730  -3,617 
Investments in tangible assets  -8,624  -8,347  -2  -16  –  –  -8,626  -8,363 
Disposals of in-/tangible assets  253  621  6  4  –  –  259  625 
Operating cash flow  21,025  23,166  -6,424  -27,646  -84  -450  14,517  -4,930 
Investments of shares  -4,064  -959 
Divestments of shares  8  323 
Acquired operations  -2,796  333 
Divested operations  2,248  -2,303 
Interest-bearing receivables incl. marketable 
securities  -337  -215 
Cash flow after net investments  9,577  -7,749 
Financing activities
New borrowings  244,871  184,957 
Repayments of borrowings  -233,320  -167,668 
Dividend to owners of AB Volvo  -36,602  -28,468 
Dividend to non-controlling interest  -16  -235 
Other  -10  -54 
Change in cash and cash equivalents 
excl. exchange rate changes  -15,501  -19,217 
Effect of exchange rate changes on cash 
and cash equivalents  703  480 
Change in cash and cash equivalents  -14,797  -18,738 
Cash and cash equivalents, beginning of 
period  83,326  83,886 
Cash and cash equivalents, end of period  68,529  65,148 
1 As from 2024, change in vehicles on operating lease and assets for service solutions is presented separately in the cash flow statement. The comparative 
figures for 2023 have been restated.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 23 FINANCIAL STATEMENTS

===== SIDA 24 =====

Income Statements, Volvo Group
First nine 
months
First nine 
months
SEK M unless otherwise stated 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Net sales  116,978  140,249  131,177  147,988  132,275  388,404  404,264 
Cost of sales  -84,973  -100,257  -94,395  -109,188  -95,751  -279,625  -293,225 
Gross income  32,005  39,992  36,781  38,800  36,524  108,778  111,038 
Research and development expenses  -7,213  -8,216  -7,332  -7,029  -6,305  -22,761  -19,616 
Selling expenses  -7,938  -8,841  -8,617  -9,249  -8,202  -25,396  -24,426 
Administrative expenses  -1,655  -1,988  -1,964  -2,149  -1,686  -5,607  -5,207 
Other operating income and expenses  -594  -16  -567  -2,247  -1,180  -1,178  -10,033 
Income/loss from investments in joint ventures and 
associated companies  -530  -605  -142  -1,154  -665  -1,277  -1,414 
Income/loss from other investments  -1  13  –  10  -22  12  -23 
Operating income  14,074  20,339  18,159  16,982  18,464  52,572  50,320 
Interest income and similar credits  601  546  885  890  656  2,032  1,800 
Interest expenses and similar charges  -375  -370  -364  -406  -417  -1,109  -1,278 
Other financial income and expenses  -727  19  -238  -582  -67  -946  -999 
Income after financial items  13,573  20,534  18,442  16,884  18,636  52,550  49,843 
Income taxes  -3,500  -4,952  -4,339  -4,798  -4,543  -12,791  -11,997 
Income for the period *  10,073  15,583  14,103  12,086  14,093  39,759  37,846 
* Attributable to:
Owners of AB Volvo  10,017  15,551  14,080  12,053  14,092  39,648  37,772 
Non-controlling interest  56  32  23  33  1  111  74 
Key ratios, Volvo Group, %
Gross margin  27.4  28.5  28.0  26.1  27.5  28.0  27.3 
Research and development expenses as % of net sales  6.2  5.9  5.6  4.7  4.8  5.9  4.8 
Selling expenses as % of net sales  6.8  6.3  6.6  6.2  6.2  6.5  6.0 
Administrative expenses as % of net sales  1.4  1.4  1.5  1.5  1.3  1.4  1.3 
Operating margin  12.0  14.5  13.8  11.4  13.8  13.5  12.3 
Key ratios, Industrial Operations, %
Gross margin  26.9  28.0  27.4  25.7  27.0  27.5  26.9 
Research and development expenses as % of net sales  6.5  6.1  5.8  4.9  5.0  6.1  5.0 
Selling expenses as % of net sales  6.4  5.9  6.2  5.9  5.8  6.1  5.6 
Administrative expenses as % of net sales  1.5  1.5  1.6  1.5  1.3  1.5  1.3 
Operating margin  11.7  14.2  13.5  11.1  13.7  13.2  12.1 
EBITDA margin, Industrial Operations
Operating income  13,029  19,179  17,044  15,887  17,393  49,252  47,176 
Amortization product and software development  944  821  736  781  704  2,500  2,109 
Amortization other intangible assets  48  290  34  40  39  372  120 
Depreciation tangible assets  3,168  3,274  3,103  3,407  3,314  9,545  9,716 
Total depreciation and amortization  4,160  4,385  3,873  4,228  4,057  12,417  11,945 
Operating income before depreciation and 
amortization (EBITDA)  17,189  23,563  20,917  20,115  21,450  61,669  59,121 
EBITDA margin, %  15.4  17.5  16.6  14.1  16.9  16.6  15.1 
Net capitalization of research and development
Capitalization  839  648  1,101  1,314  1,022  2,588  3,396 
Amortization  -924  -786  -701  -696  -665  -2,411  -1,992 
Net capitalization and amortization  -85  -138  400  617  357  178  1,404 
Return on operating capital, Industrial Operations, %¹  75.9  83.9  75.2  71.3  66.0 
Return on capital employed, Industrial Operations, %¹  38.3  41.3  37.7  36.7  33.7 
1 12 months rolling.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 24 QUARTERLY FIGURES

===== SIDA 25 =====

Net sales
First nine 
months
First nine 
months
SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Trucks  80,054  95,132  89,946  99,896  89,848  265,131  273,152 
Construction Equipment  18,809  24,423  22,877  26,578  24,296  66,108  78,404 
Buses  6,195  6,551  5,173  7,336  5,386  17,919  15,087 
Volvo Penta  4,707  5,216  5,168  5,031  4,956  15,090  15,975 
Group Functions & Other  2,925  4,657  4,281  5,448  3,954  11,863  11,361 
Eliminations  -1,112  -1,263  -1,280  -1,348  -1,219  -3,655  -3,650 
Industrial Operations  111,577  134,715  126,163  142,941  127,220  372,456  390,329 
Financial Services  6,712  6,801  6,532  6,542  6,249  20,045  17,470 
Eliminations  -1,311  -1,268  -1,519  -1,495  -1,195  -4,098  -3,535 
Volvo Group net sales  116,978  140,249  131,177  147,988  132,275  388,404  404,264 
Operating income
First nine 
months
First nine 
months
SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Trucks  9,363  13,391  13,073  13,691  13,397  35,828  35,201 
Construction Equipment  2,558  3,888  3,683  2,710  3,733  10,129  13,673 
Buses  731  754  259  323  340  1,744  -703 
Volvo Penta  831  1,016  988  365  790  2,836  2,865 
Group Functions & Other  -468  117  -947  -1,232  -878  -1,299  -3,886 
Eliminations  14  13  -13  30  11  14  26 
Industrial Operations  13,029  19,179  17,044  15,887  17,393  49,252  47,176 
Financial Services  992  1,028  1,009  1,005  927  3,030  2,714 
Eliminations  52  132  106  90  144  290  429 
Volvo Group operating income  14,074  20,339  18,159  16,982  18,464  52,572  50,320 
Adjusted operating income ¹
First nine 
months
First nine 
months
SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Trucks  9,363  13,251  13,073  13,691  14,038  35,688  41,703 
Construction Equipment  2,558  3,888  3,683  3,320  3,733  10,129  13,673 
Buses  731  554  259  323  340  1,544  736 
Volvo Penta  831  1,016  988  365  790  2,836  2,865 
Group Functions & Other  -468  -436  -947  -352  -860  -1,852  -2,598 
Eliminations  14  13  -13  30  11  14  26 
Industrial Operations  13,029  18,286  17,044  17,377  18,051  48,359  56,405 
Financial Services  992  1,028  1,009  1,005  1,062  3,030  2,850 
Eliminations  52  132  106  90  144  290  429 
Volvo Group adjusted operating income  14,074  19,446  18,159  18,472  19,258  51,679  59,684 
1 For more information on adjusted operating income, please see note 6.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 25 QUARTERLY FIGURES

===== SIDA 26 =====

Operating margin
First nine 
months
First nine 
months
% 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Trucks  11.7  14.1  14.5  13.7  14.9  13.5  12.9 
Construction Equipment  13.6  15.9  16.1  10.2  15.4  15.3  17.4 
Buses  11.8  11.5  5.0  4.4  6.3  9.7  -4.7 
Volvo Penta  17.7  19.5  19.1  7.3  15.9  18.8  17.9 
Industrial Operations  11.7  14.2  13.5  11.1  13.7  13.2  12.1 
Volvo Group  12.0  14.5  13.8  11.4  13.8  13.5  12.3 
Adjusted operating margin
First nine 
months
First nine 
months
% 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Trucks  11.7  13.9  14.5  13.7  15.6  13.5  15.3 
Construction Equipment  13.6  15.9  16.1  12.5  15.4  15.3  17.4 
Buses  11.8  8.5  5.0  4.4  6.3  8.6  4.9 
Volvo Penta  17.7  19.5  19.1  7.3  15.9  18.8  17.9 
Industrial Operations  11.7  13.6  13.5  12.2  14.2  13.0  14.5 
Volvo Group adjusted operating margin  12.0  13.9  13.8  12.4  14.4  13.3  14.6 
Share data
First nine 
months
First nine 
months
3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Earnings per share, SEK ¹  4.93  7.65  6.92  5.93  6.93  19.50  18.58 
Earnings per share, SEK ¹, 12 months rolling  25.43  27.43  25.07  24.50  21.84  38.07  – 
Diluted earnings per share, SEK  4.93  7.65  6.92  5.93  6.93  19.50  18.58 
Number of outstanding shares in millions  2,033  2,033  2,033  2,033  2,033  2,033  2,033 
Average number of shares before dilution in millions  2,033  2,033  2,033  2,033  2,033  2,033  2,033 
Average number of shares after dilution in millions  2,033  2,033  2,033  2,033  2,033  2,033  2,033 
Number of own shares in millions  –  –  –  –  –  –  – 
Average number of own shares in millions  –  –  –  –  –  –  – 
1  Earnings per share are calculated as Income for the period (excl. Non-controlling interest) divided by the weighted average number of shares outstanding 
during the period.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 26 QUARTERLY FIGURES

===== SIDA 27 =====

NOTE 1 | ACCOUNTING POLICIES
The Volvo Group applies International Financial Reporting 
Standards (IFRS) as endorsed by the EU. The accounting policies 
and definitions are consistently applied with those described in 
the Volvo Group Annual Report 2023 (available at 
www.volvogroup.com). There are no new accounting policies 
applicable from 2024 that materially affects the Volvo Group.
This interim report has been prepared in accordance with IAS 
34 Interim Financial Reporting and the Swedish Annual Accounts 
Act. The Parent Company applies the Swedish Annual Accounts 
Act and RFR 2 Reporting for legal entities.
NOTE 2 | RISKS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
Each of the Volvo Groupʼs Business Areas and Truck Divisions 
monitors and manages risks in its operations. In addition, the 
Volvo Group utilizes a centralized Enterprise Risk Management 
(ERM) reporting process, which is a systematic and structured 
framework for reporting and reviewing risk assessments and 
mitigations as well as for follow-up on identified risks. 
The ERM process classifies Volvo Group risks into five categories:
Macro and market related risks – such as cyclical nature of the 
commercial vehicles industry, intense competition, extensive 
government regulations, political and social uncertainty;
Operational risks – such as transformation and technology risk, 
new business models, risks related to industrial operations 
including supply chain, reliance on suppliers and materials, cost 
inflation and price increases, information security and digital 
infrastructure, strategic transactions such as mergers and 
acquisitions, partnerships and divestments as well as residual 
value commitments; 
Climate and people risks – such as climate, people and culture 
as well as human rights;
Compliance risks – such as data protection laws, protection and 
maintenance of intangible assets, legal proceedings and 
corruption and competition law; and
Financial risks – such as insurance coverage, credit risk, pension 
commitments, interest-rates and currency fluctuations, liquidity 
risk, as well as impairment on goodwill and other intangible assets.
For a more elaborate description of these risks, please refer to 
the Risk Management section on pages 82-88 in the Volvo Group 
Annual Report 2023.
Risk updates
Short-term risks, when applicable, are also described in the 
respective segment section of this report.
Update on supply situation and inflationary pressure
Our ability to deliver according to market demand depends 
significantly on obtaining a timely and adequate supply of 
materials, components and other vital services, as well as on our 
ability to properly utilize the capacity in the Groupʼs different 
production and services facilities. At present, our supply chain and 
industrial system are strained in many areas due to e.g. shortages 
of labor, materials and components, and transport services. 
Further strains on the supply chain may also evolve from other 
events, including financial distress of suppliers and extreme 
weather events as well as consequences of the war in Ukraine, the 
situation in the Middle East and other geopolitical events. There 
might be supply chain disturbances and stoppages in production 
going forward. Such disturbances could lead to higher costs and 
interruptions in production and delivery of Group products and 
services, that could have a material negative impact on the 
Groupʼs financial performance.
The Group might experience higher input costs from increased 
prices on e.g. purchased material, freight and energy as well as 
higher labor costs. If the Group is unable to compensate for the 
higher input costs through increased prices on products and 
services sold, this could have a negative impact on the Groupʼs 
financial performance.
Accounts receivable
Due to the prevailing business model in the construction 
equipment industry in China, with long payment terms to 
customers, a substantial part of the Volvo Groupʼs accounts 
receivable is related to customers in this market. The weakened 
Chinese construction equipment market is currently impacting 
customersʼ and dealersʼ profitability negatively. This might affect 
their ability to honor their obligations to the Group and may 
consequently have a material adverse effect on the Groupʼs 
financial result and position.
Detected premature degradation of emissions control 
component
As previously communicated, the Volvo Group has detected that 
an emissions control component used in certain markets and 
models, may degrade more quickly than expected, affecting the 
vehicles emission performance negatively. The Volvo Group made 
a provision of SEK 7 billion impacting the operating income in 
Q4 2018, relating to the estimated costs to address the issue. 
Negative cash flow effects started in 2019 and will continue in 
the coming years. As of year-end 2023, approximately half of the 
initial provision had been utilized. The Volvo Group will 
continuously assess the size of the provision as the matter 
develops.
Contingent liabilities
The reported amounts for contingent liabilities reflect a part of 
Volvo Groupʼs risk exposure. Total contingent liabilities as of 
September 30, 2024, amounted to SEK 14.8 billion, a decrease 
of SEK 1.2 billion compared with December 31 2023. The gross 
exposure of SEK 14.8 billion is partly reduced by counter 
guarantees and collaterals.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 27 NOTES

===== SIDA 28 =====

Legal proceedings
Starting in January 2011, the Volvo Group, together with a 
number of other truck manufacturers, was investigated by the 
European Commission in relation to a possible violation of EU 
antitrust rules. In July 2016 the European Commission adopted a 
settlement decision against the Volvo Group and other truck 
manufacturers finding that they were involved in an antitrust 
infringement which, in the case of the Volvo Group, covered a 14-
year period from 1997 to 2011. The Volvo Group paid a monetary 
fine of EUR 670 million.
Following the adoption of the European Commissionʼs 
settlement decision, the Volvo Group has received and is 
defending itself against a significant number of private damages 
claims brought by customers and other third parties alleging that 
they suffered loss, directly or indirectly, by reason of the conduct 
covered in the decision. The claims relate primarily to Volvo Group 
trucks sold during the 14-year period of the infringement and, in 
some cases, to trucks sold in certain periods after the infringement 
ended. Some claims have also been made against the Volvo 
Group that relate to trucks sold by other manufacturers. The truck 
manufacturers subject to the 2016 settlement decision are, in 
most countries, jointly and severally liable for any losses arising 
from the infringement.
In the region of 3,000 claims are being brought in over 20 
countries (including EU Member States, the United Kingdom, 
Norway and Israel) by large numbers of claimants either acting 
individually or as part of a wider group or class of claimants. 
Further claims may be commenced. The litigation in many 
countries can be expected to run for several years.
Several hundred thousand trucks sold by the Volvo Group are 
currently subject to claims against it or other truck manufacturers, 
with claimants alleging that the infringement resulted in an 
increase in the prices paid for Volvo Group trucks which directly or 
indirectly caused them loss.
The Volvo Group maintains its firm view that no damage was 
caused to its customers or any third party by the conduct set out 
in the settlement decision, and in fact, the European Commission 
did not assess any potential effects of the infringement on the 
market. The Volvo Group considers that transaction prices our 
customers paid for their trucks were unaffected by the 
infringement and were the outcome of individual negotiations 
across all elements of their purchasing requirements, including not 
only the prices for new trucks but also (where relevant) associated 
products and services sold together with new trucks such as 
service contracts, financing, buy-back guarantees etc.
Litigation developments so far have been mixed with some 
adverse outcomes, although uncertainty regarding ultimate 
exposure to the litigation remains high and it is inherent in 
complex litigation that outlooks and risks fluctuate over time.  
At this stage it is not possible to make a reliable estimate of the 
total liability that could arise from such proceedings given the 
complexity of the claims and the different (and in some cases 
relatively early) stages to which national proceedings have 
progressed. However, the litigation is substantial in scale and any 
adverse outcome or outcomes of some or all of the litigation, 
depending on the nature and extent of such outcomes, may have a 
material negative impact on the Volvo Groupʼs financial results, 
cash flows and financial position. In light of progress in litigations 
and current risks, the Volvo Group has in Q2 2023 recognized a 
cost of SEK 6 billion (in addition to previously recognized costs of 
SEK 630 M and besides legal fees to advisors), relating to aspects 
of the litigation that are currently possible to estimate and where 
an outflow of resources is probable. This is Volvo Group's current 
assessment, which may change as the litigation progresses.
NOTE 3 | ACQUISITIONS AND DIVESTMENTS
Acquisitions and divestments
In July, the Volvo Group divested Arquus to John Cockerill 
Defense. The divestment impacted the Volvo Groupʼs operating 
income negatively by SEK 880 M in Q4 2023 due to a write-
down of assets to fair value. A partial reversal of the impairment 
impacted the operating income positively in Q2 by SEK 181 M. In 
total, the divestment of Arquus has impacted the Volvo Groups 
operating income negatively by SEK 699 M.
The Volvo Group has not completed any other acquisitions or 
divestments of operations during Q3 that have had a material 
impact on the financial statements.
Assets and liabilities held for sale
Assets and liabilities held for sale amounted to net SEK 360 M 
(260) as of September 30, 2024 mainly related to planned 
property divestments.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 28 NOTES

===== SIDA 29 =====

NOTE 4 | CURRENCY AND FINANCIAL INSTRUMENTS
Fair value of financial instruments
Valuation principles and classifications of Volvo Group financial 
instruments, as described in Volvo Group Annual Report 2023 
Note 30, have been consistently applied throughout the reporting 
period. Financial instruments in the Volvo Group reported at fair 
value through profit and loss consist mainly of interest and 
currency derivatives. Derivatives with positive fair values 
amounted to SEK 6.9 billion (6.9) and derivatives with negative 
fair values amounted to SEK 4.0 billion (5.8) as of September 30, 
2024. The derivatives are accounted for on gross basis. 
Financial liabilities valued at amortized cost, reported as non-
current and current bond loans and other loans, amounted to SEK 
247.9 billion (233.5) in reported carrying value with a fair value of 
SEK 248.0 billion (232.8). In the Volvo Group consolidated 
financial position, financial liabilities include loan-related 
derivatives with negative fair values amounting to SEK 2.3 billion 
(3.3).
Currency effect on operating income, Volvo Group Compared to third quarter 2023
SEK M
Third quarter 
2024
Third quarter 
2023 Change
Net flow in foreign currency  -557 
Realized and unrealized gains and losses on derivatives  -42  -11  -31 
Unrealized gains and losses on receivables and liabilities in foreign currency  16  1  15 
Translation effect on operating income in foreign subsidiaries  -989 
Total currency effect on operating income, Volvo Group  -1,561 
Applicable currency rates Quarterly exchange rates Close rates
Third quarter 
2024
Third quarter 
2023
Sep 30 Sep 30
2024 2023
BRL  1.88  2.21  1.86  2.15 
CNY  1.45  1.49  1.44  1.48 
EUR  11.45  11.76  11.27  11.49 
GBP  13.55  13.69  13.51  13.27 
KRW  0.0077  0.0082  0.0077  0.0081 
USD  10.43  10.81  10.10  10.84 
NOTE 5 | TRANSACTIONS WITH RELATED PARTIES
Sales of goods, services 
and other income
Purchases of goods, services 
and other expenses
SEK M 
Third quarter 
2024
Third quarter 
2023
Third quarter 
2024
Third quarter 
2023
Associated companies  376  597  47  50 
Joint ventures  1,034  885  358  348 
Receivables Payables 
Sep 30 Dec 31 Sep 30 Dec 31
SEK M 2024 2023 2024 2023
Associated companies  483  259  68  106 
Joint ventures  516  535  142  85 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 29 NOTES

===== SIDA 30 =====

NOTE 6 | RECONCILIATION OF ADJUSTED OPERATING INCOME
Adjusted operating income First nine 
months
First nine 
months
SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Trucks 9,363 13,251 13,073 13,691 14,038 35,688 41,703
Construction Equipment 2,558 3,888 3,683 3,320 3,733 10,129 13,673
Buses 731 554 259 323 340 1,544 736
Volvo Penta 831 1,016 988 365 790 2,836 2,865
Group Functions & Other -468 -436 -947 -352 -860 -1,852 -2,598
Eliminations 14 13 -13 30 11 14 26
Industrial Operations 13,029 18,286 17,044 17,377 18,051 48,359 56,405
Financial Services 992 1,028 1,009 1,005 1,062 3,030 2,850
Eliminations 52 132 106 90 144 290 429
Volvo Group adjusted operating income¹ 14,074 19,446 18,159 18,472 19,258 51,679 59,684
Adjustments First nine 
months
First nine 
months
SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Adjustment items (segment)
Financial impact related to the divestment of Arquus 
(Group Functions & Other)  –  181  –  -880  –  181  – 
Financial impact related to the divestment of the ABG 
paver business (Construction Equipment)  –  –  –  -610  –  –  – 
Financial impact related to Russia:
Trucks  –  –  –  –  -640  –  -640 
Group Functions & Other  –  –  –  –  -18  –  -18 
Financial Services  –  –  –  –  -136  –  -136 
Costs relating to claims arising from the European 
Commissionʼs 2016 antitrust settlement decision (Trucks)  –  –  –  –  –  –  -6,000 
Restructuring charges relating to the US bus production 
for Nova Bus (Group Functions & Other)  –  372  –  –  –  372  -1,270 
Restructuring charges relating to the European bus 
operation (Buses)  –  200  –  –  –  200  -1,300 
Previously announced provision for premature degradation 
of an emission control component:
Trucks  –  140  –  –  –  140  139 
Buses  –  –  –  –  –  –  -139 
Total adjustments
Trucks  –  140  –  –  -640  140  -6,501 
Construction Equipment  –  –  –  -610  –  –  – 
Buses  –  200  –  –  –  200  -1,439 
Volvo Penta  –  –  –  –  –  –  – 
Group Functions & Other  –  553  –  -880  -18  553  -1,288 
Industrial Operations  –  893  –  -1,490  -658  893  -9,228 
Financial Services  –  –  –  –  -136  –  -136 
Volvo Group  –  893  –  -1,490  -794  893  -9,364 
Operating income First nine 
months
First nine 
months
SEK M 3/2024 2/2024 1/2024 4/2023 3/2023 2024 2023
Trucks  9,363  13,391  13,073  13,691  13,397  35,828  35,201 
Construction Equipment  2,558  3,888  3,683  2,710  3,733  10,129  13,673 
Buses  731  754  259  323  340  1,744  -703 
Volvo Penta  831  1,016  988  365  790  2,836  2,865 
Group Functions & Other  -468  117  -947  -1,232  -878  -1,299  -3,886 
Eliminations  14  13  -13  30  11  14  26 
Industrial Operations  13,029  19,179  17,044  15,887  17,393  49,252  47,176 
Financial Services  992  1,028  1,009  1,005  927  3,030  2,714 
Eliminations  52  132  106  90  144  290  429 
Volvo Group operating income¹  14,074  20,339  18,159  16,982  18,464  52,572  50,320 
1 As from 2024, elimination of internal interest income related to internal funding from Volvo Treasury AB to Financial Services is reclassified from finance net 
to gross income. The comparative figures in the financial statements for 2023 have been restated accordingly, impacting operating income positively with 
SEK 144 M in Q3, 2023. The effect on key ratios is insignificant.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 30 NOTES

===== SIDA 31 =====

Income from investments in group companies for Q3 includes 
dividends amounting to SEK 698 M (167). During Q3 2023 a 
loss on the divestment of the Russian entity was included by SEK 
173 M.
Financial net debt amounted to SEK 32,208 M on September 30, 
2024, compared with SEK 34,147 M at year end 2023.
Income statement Third quarter First nine months
SEK M 2024 2023 2024 2023
Net sales¹  268  71  828  225 
Cost of sales¹  -268  -71  -828  -225 
Gross income  –  –  –  – 
Operating expenses¹  -194  -503  -834  -1,338 
Operating income (loss)  -194  -503  -834  -1,338 
Income from investments in group companies  698  -6  3,213  3,983 
Income from investments in joint ventures and associated companies  –  –  108  76 
Income from investments, other shares and participations  –  –  –  – 
Interest income and expenses  -369  -354  -1,088  -821 
Other financial income and expenses  -1  9  -34  -120 
Income after financial items  134  -854  1,365  1,780 
Appropriations  –  –  –  – 
Income taxes  77  162  338  2,785 
Income for the period  211  -692  1,703  4,565 
1  Of net sales in the third quarter SEK 268 M (67) pertained to group companies, while purchases from group companies amounted to SEK 128 M (131).
Other comprehensive income
Income for the period  211  -692  1,703  4,565 
Other comprehensive income, net of income taxes  –  –  –  – 
Total comprehensive income for the period  211  -692  1,703  4,565 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 31 PARENT COMPANY

===== SIDA 32 =====

Balance sheet
SEK M
Sep 30                 
2024
Dec 31 
2023
Assets
Non-current assets
Tangible assets  6  7 
Financial assets
   Shares and participations in group companies  72,619  71,885 
   Investments in joint ventures and associated companies  8,971  8,946 
   Other shares and participations  2  2 
   Other non-current receivables  646  690 
   Deferred tax assets  580  205 
Total non-current assets  82,824  81,735 
Current assets
Current receivables from group companies  1,102  47,762 
Tax assets  4,673  – 
Other current receivables  171  305 
Total current assets  5,946  48,067 
Total assets  88,770  129,802 
Equity and liabilities
Equity
   Restricted equity  9,899  9,899 
   Unrestricted equity  40,949  75,849 
Total Equity  50,848  85,748 
Untaxed reserves  4,000  4,000 
Provisions  244  251 
Non-current liabilities¹  784  696 
Current liabilities²  32,894  39,107 
Total equity and liabilities  88,770  129,802 
1 Of which SEK 690 M (690) pertains to group companies.
2 Of which SEK 32,109 M (35,889) pertains to group companies.
Events after the balance sheet date
For important events, please see page 4. No other significant events have occurred after the end of the third quarter 2024 that are 
expected to have a material effect on the Volvo Group.
Gothenburg, October 18, 2024
AB Volvo (publ)
Martin Lundstedt
President and CEO
This report has not been reviewed by AB Volvoʼs auditors.
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 32 PARENT COMPANY

===== SIDA 33 =====

Net order intake of trucks Third quarter Change 
%
First nine months Change 
%Number of trucks 2024 2023 2024 2023
Net order intake 
Europe  23,546  21,154  11  69,703  77,284  -10 
Heavy- and medium-duty  19,016  17,592  8  58,193  62,123  -6 
Light-duty  4,530  3,562  27  11,510  15,161  -24 
North America  8,614  17,355  -50  27,990  41,222  -32 
South America  6,060  4,284  41  24,441  15,798  55 
Asia  3,043  2,796  9  11,307  13,368  -15 
Africa and Oceania  1,971  1,613  22  6,254  7,878  -21 
Total order intake  43,234  47,202  -8  139,695  155,550  -10 
Heavy-duty (>16 tons)  35,993  38,687  -7  118,759  126,985  -6 
Medium-duty (7-16 tons)  2,716  4,937  -45  9,313  13,265  -30 
Light-duty (<7 tons)  4,525  3,578  26  11,623  15,300  -24 
Total order intake  43,234  47,202  -8  139,695  155,550  -10 
Net order intake of trucks by brand
Volvo
Europe  11,698  11,293  4  36,455  41,522  -12 
North America  3,405  5,580  -39  13,507  16,992  -21 
South America  5,924  4,157  43  23,886  15,309  56 
Asia  2,512  2,389  5  8,558  10,899  -21 
Africa and Oceania  1,107  1,100  1  4,018  5,350  -25 
Total Volvo  24,646  24,519  1  86,424  90,072  -4 
Heavy-duty (>16 tons)  24,041  23,846  1  84,110  87,363  -4 
Medium-duty (7-16 tons)  605  673  -10  2,314  2,709  -15 
Total Volvo  24,646  24,519  1  86,424  90,072  -4 
Renault Trucks
Europe  11,848  9,861  20  33,248  35,762  -7 
Heavy- and medium-duty  7,318  6,299  16  21,738  20,601  6 
Light-duty  4,530  3,562  27  11,510  15,161  -24 
North America  12  15  -20  45  78  -42 
South America  98  35  180  351  187  88 
Asia  531  407  30  2,749  2,469  11 
Africa and Oceania  552  344  60  1,547  1,233  25 
Total Renault Trucks  13,041  10,662  22  37,940  39,729  -5 
Heavy-duty (>16 tons)  6,835  6,035  13  21,354  20,178  6 
Medium-duty (7-16 tons)  1,681  1,049  60  4,963  4,251  17 
Light-duty (<7 tons)  4,525  3,578  26  11,623  15,300  -24 
Total Renault Trucks  13,041  10,662  22  37,940  39,729  -5 
Mack
North America  5,197  11,760  -56  14,438  24,152  -40 
South America  38  92  -59  204  290  -30 
Africa and Oceania  227  98  132  397  545  -27 
Total Mack  5,462  11,950  -54  15,039  24,987  -40 
Heavy-duty (>16 tons)  5,051  8,752  -42  13,063  18,795  -30 
Medium-duty (7-16 tons)  411  3,198  -87  1,976  6,192  -68 
Total Mack  5,462  11,950  -54  15,039  24,987  -40 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 33 NET ORDER INTAKE

===== SIDA 34 =====

Deliveries of trucks Third quarter Change 
%
First nine months Change 
%Number of trucks 2024 2023 2024 2023
Deliveries
Europe  20,262  26,546  -24  77,637  92,565  -16 
Heavy- and medium-duty  17,834  20,236  -12  62,544  71,800  -13 
Light-duty  2,428  6,310  -62  15,093  20,765  -27 
North America  12,026  15,041  -20  43,316  47,012  -8 
South America  8,153  5,635  45  20,675  15,495  33 
Asia  3,560  4,842  -26  11,538  16,486  -30 
Africa and Oceania  2,265  3,210  -29  7,505  9,089  -17 
Total deliveries  46,266  55,274  -16  160,671  180,647  -11 
Heavy-duty (>16 tons)  40,583  44,795  -9  134,123  145,834  -8 
Medium-duty (7-16 tons)  3,208  4,086  -21  11,315  13,760  -18 
Light-duty (<7 tons)  2,475  6,393  -61  15,233  21,053  -28 
Total deliveries  46,266  55,274  -16  160,671  180,647  -11 
Deliveries of trucks by brand
Volvo
Europe  11,799  14,024  -16  40,390  47,404  -15 
North America  6,744  7,640  -12  23,404  24,283  -4 
South America  8,042  5,494  46  20,218  14,954  35 
Asia  2,752  3,803  -28  9,144  12,895  -29 
Africa and Oceania  1,539  2,226  -31  4,932  5,895  -16 
Total Volvo  30,876  33,187  -7  98,088  105,431  -7 
Heavy-duty (>16 tons)  30,121  32,147  -6  95,468  102,042  -6 
Medium-duty (7-16 tons)  755  1,040  -27  2,620  3,389  -23 
Total Volvo  30,876  33,187  -7  98,088  105,431  -7 
Renault Trucks
Europe  8,463  12,522  -32  37,247  45,161  -18 
Heavy- and medium-duty  6,035  6,212  -3  22,154  24,396  -9 
Light-duty  2,428  6,310  -62  15,093  20,765  -27 
North America  21  63  -67  68  181  -62 
South America  72  44  64  318  271  17 
Asia  808  1,039  -22  2,349  3,591  -35 
Africa and Oceania  448  376  19  1,389  1,500  -7 
Total Renault Trucks  9,812  14,044  -30  41,371  50,704  -18 
Heavy-duty (>16 tons)  5,928  6,393  -7  21,500  24,574  -13 
Medium-duty (7-16 tons)  1,409  1,258  12  4,638  5,077  -9 
Light-duty (<7 tons)  2,475  6,393  -61  15,233  21,053  -28 
Total Renault Trucks  9,812  14,044  -30  41,371  50,704  -18 
Mack
North America  5,261  7,338  -28  19,889  22,548  -12 
South America  39  84  -54  139  233  -40 
Africa and Oceania  163  327  -50  615  886  -31 
Total Mack  5,463  7,749  -30  20,643  23,667  -13 
Heavy-duty (>16 tons)  4,446  6,012  -26  16,644  18,522  -10 
Medium-duty (7-16 tons)  1,017  1,737  -41  3,999  5,145  -22 
Total Mack  5,463  7,749  -30  20,643  23,667  -13 
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 34 DELIVERIES

===== SIDA 35 =====

Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 35 OTHER INFORMATION
This is information that AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the 
Securities Market Act. The information was submitted for publication, through the agency of the contact person set out 
in the press release concerning this report, at 07.20 CEST on October 18, 2024.
   This report contains forward-looking statements that reflect the Board of Directors' and management's current views 
with respect to certain future events and potential financial performance. Forward-looking statements are subject to 
risks and uncertainties. Results could differ materially from forward-looking statements as a result of, among other 
factors, (i) changes in economic, market and competitive conditions, (ii) success of business initiatives, (iii) changes in 
the regulatory environment and other government actions, (iv) fluctuations in exchange rates and (v) business risk 
management.
   This report is based solely on the circumstances at the date of publication and except to the extent required under 
applicable law, AB Volvo is under no obligation to update the information, opinions or forward-looking statements in this 
report.

===== SIDA 36 =====

Financial calendar
Capital Markets Day November 14, 2024
Report on the fourth quarter and full year 2024 January 29, 2025
Annual Report 2024 February 27, 2025
Annual General Meeting 2025 April 2, 2025
Report on the first quarter 2025 April 23, 2025
Report on the second quarter 2025 July 18, 2025
Report on the third quarter 2025 October 17, 2025
Contacts
Media relations:
Claes Eliasson +46 765 53 72 29
Investor Relations:
Johan Bartler +46 739 02 21 93
Anders Christensson +46 765 53 59 66
Q3
VOLVO GROUP
THE THIRD QUARTER 2024
 36 FINANCIAL CALENDAR AND CONTACTS
Aktiebolaget Volvo (publ)
556012–5790
Investor Relations, VGHQ
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00
www.volvogroup.com