Volvo Trucks Full-Year Report 2023

A strong 2023

Thanks to a strong commercial focus, we were successful in improving margins while managing cost inflation and disturbances in the supply chain that continued for most of the year and affected both productivity and costs. Despite these disturbances, our truck business delivered 246,272 vehicles, which was an increase of 6% compared with the previous year. This is a new all-time-high and the result of hard work by colleagues in the Group and across the value chain. We have a strong base with good deliveries across regions, strengthened positions in many markets, leading customer satisfaction and good product quality. Although our customers’ utilization of their fleets came down somewhat compared with the very strong 2022, it continued to be on historically high levels in

Net sales

The Truck business’ net sales increased by 14% adjusted for currency movements, driven by higher deliveries for both new and used trucks as well as services combined with price realization in most markets. For Construction Equipment, net sales increased by 1%, adjusted for currency movements, overall lower volumes, specifically in China, offset by a favorable brand and market mix and price realization. Buses’ net sales increased by 15% adjusted for currency movements, primarily driven by a recovery in demand for coaches. Net sales for Volvo Penta increased by 10%, adjusted for currency movements, as both the marine and industrial engine market continued their positive development for most of the year. The Volvo Group’s sales of defense material, as defined in the Swedish Military Equipment Ordinance (1992:1303) section A, amounted in 2023 to 0.70% (0.72) of net sales.

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