AB Volvo publishes Annual Report 2024

Rhea-AI Summary

Volvo Group has published its Annual Report for 2024, revealing a year marked by normalizing market demand and continued geopolitical challenges. The company reported net sales of SEK 526.8 billion, showing a 3% decrease when adjusted for currency. Vehicle sales declined by 5% compared to 2023, while service sales increased by 4%.

The Group maintained profitability despite lower volumes, achieving an adjusted operating income of SEK 65.7 billion (down from 78.2 billion) and an adjusted operating margin of 12.5% (down from 14.0%). The year featured significant product launches across business areas and new partnerships focused on efficient and carbon-neutral solutions.

Positive

• Service sales increased by 4% year-over-year
• Maintained strong profitability with 12.5% operating margin
• Expanded partnerships for carbon-neutral solutions

Negative

• Net sales decreased 3% (currency adjusted)
• Vehicle sales declined 5% compared to 2023
• Adjusted operating income fell to SEK 65.7B from SEK 78.2B
• Operating margin decreased to 12.5% from 14.0%

Volvo Group today published the Annual Report for 2024 on www.volvogroup.com. 

GOTHENBURG, Sweden, Feb. 27, 2025 /PRNewswire/ -- "2024 was a year of normalizing market demand as freight and construction activity came down in many regions after a couple of years of very strong growth. It was also a year of continued geopolitical turmoil. In these challenging circumstances the Volvo Group continued to show resilience in earnings on lower volumes after hard work by dedicated colleagues and business partners across the value chain," says Martin Lundstedt, President and CEO.

The Volvo Groupʼs net sales decreased by 3% when adjusted for currency and amounted to SEK 526.8 billion, with sales of vehicles being 5% lower than in 2023 and sales of services increasing by 4%. The Group generated good profits on the lower sales volumes with an adjusted operating income of SEK 65.7 billion (78.2) and an adjusted operating margin of 12.5% (14.0).

It was also a year with substantial launches across the Group's business areas to provide customers with improved products and solutions that strengthen their businesses. Furthermore, the Group entered new partnerships and collaborations to continue to drive the transformation to more efficient and carbon-neutral solutions.

"I would like to express my gratitude for all the hard work put in by colleagues and supply chain partners and to our customers across the world for a successful 2024. Through our joint efforts we are shaping the world we want to live in," says Martin Lundstedt.

Journalists wanting further information, please contact:
Claes Eliasson, Head of Media Relations
+46 76 553 7229
press@volvo.com

For more information, please visit volvogroup.com 
For frequent updates, follow us on LinkedIn

The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers' uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 180 markets. In 2024, net sales amounted to SEK 527 billion (EUR 46 billion). Volvo shares are listed on Nasdaq Stockholm.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ab-volvo/r/ab-volvo-publishes-annual-report-2024,c4112026

The following files are available for download:

https://mb.cision.com/Main/39/4112026/3290354.pdf	Volvo Group Annual Report 2024
https://news.cision.com/ab-volvo/i/q12024-1860x1050,c3381925	Q12024 1860x1050
https://mb.cision.com/Public/39/4112026/b5a65a729ae5cdf2.pdf	Press Release - AB Volvo publishes Annual Report 2024

View original content:https://www.prnewswire.com/news-releases/ab-volvo-publishes-annual-report-2024-302387666.html

SOURCE AB Volvo

FAQ

What were Volvo Group's (VLVLY) key financial results for 2024?

Volvo reported net sales of SEK 526.8B, with a 3% decrease in currency-adjusted sales and an adjusted operating income of SEK 65.7B, achieving a 12.5% operating margin.

How did VLVLY's vehicle sales perform in 2024 compared to 2023?

Volvo's vehicle sales decreased by 5% compared to 2023, while service sales grew by 4%.

What caused the decline in Volvo's (VLVLY) 2024 performance?

The decline was attributed to normalizing market demand as freight and construction activity decreased in many regions, along with continued geopolitical challenges.

How did VLVLY's operating margin change in 2024?

Volvo's adjusted operating margin decreased to 12.5% in 2024 from 14.0% in 2023.

What strategic initiatives did Volvo (VLVLY) undertake in 2024?

Volvo launched new products across business areas and entered new partnerships focused on efficient and carbon-neutral solutions.