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In their recent Q3 Financial Report, Volvo Construction Equipment (Volvo CE) stated that they have maintained solid margins, despite a challenging market environment marked by lower volumes in Europe and North America. Net sales for the quarter fell 23% year-on-year to SEK 18,809 M, reflecting a weaker demand compared to the exceptionally high levels seen in 2023. However, the company notes growth in China and increased service sales, reflecting heightened interest in digital solutions, even as machine sales fell 24%.
While global deliveries were lower due to reduced market demand and dealership inventory reductions, order intake showed a modest rise, bolstered by significant growth in South America and Europe. Volvo CE also continued rolling out new products, including its L120 Electric wheel loader, and inaugurated a wheel loader facility in Arvika, Sweden, to support electric vehicle production.
"We are maintaining our leading position with a strong portfolio and commitment to industry transformation, despite the market slowdown. Our priorities remain unchanged as we balance today’s challenges with our vision for tomorrow." said Melker Jernberg, Head of Volvo CE.
For more information: https://www.volvoce.com/global/en/news-and-events/news-and-stories/2024/resilient-performance-for-volvo-construction-equipment-in-q3-2024/?utm_source=news-and-stories&utm_medium=email&utm_campaign=q3-2024
