FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== 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