On 18 October 2024, Volvo Group presented its Q3 2024 results. Net sales amounted to SEK 117bn (US$11bn), down 12% year-on-year (7% adjusted for inflation), with both truck order intake and deliveries down 8.4% and 16.3% respectively. During the company’s earnings call on the same day, President and Chief Executive Martin Lundstedt conceded that “a lot of uncertainties” had coloured the quarter, but that the results pointed to a continued “normalisation” into “replacement-driven” markets.
Lundstedt highlighted that despite a reduced quantity of overall sales, operating margins stood at 12%, down 1.8% from Q3 2023 but still indicating “good” product profitability. At the same time: “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.”
