Volvo Group Annual Report 2022

During 2022, net sales increased by 27% to SEK 474 billion (372).
Adjusted for currency movements and UD Trucks, which was
divested on April 1, 2021, the sales increase was 17%, of which
vehicle sales increased by 19% due to growing transport volumes,
improving construction activities and price realisation, and service
sales increased by 11%, as high utilization of vehicles and machines
drove demand for spare parts and services.
The truck business’ net sales increased by 25% adjusted for
currency movements and UD Trucks, driven by strong demand for
both new and used trucks as well as services combined with price
realization in most markets