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Volvo Ab (VLVLY) drives innovation in commercial transportation and industrial solutions through its heavy trucks, construction equipment, and digital services. This news hub provides investors and industry professionals with essential updates on the company developments shaping global infrastructure and sustainable mobility.
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Volvo Group has suspended all operations in Russia due to the war in Ukraine, affecting approximately SEK 9 billion in total assets. Out of this, SEK 6 billion comprises cash assets that could be recouped over time. The company anticipates a SEK 4 billion negative impact on operating income for Q1 2022, primarily within Financial Services. In 2021, Russia accounted for about 3% of the Group's net sales. The firm expresses sympathy for those affected by the conflict.
AB Volvo held its Annual General Meeting on April 6, 2022, through postal voting. The shareholders approved the income statement and balance sheet with a proposed dividend of SEK 13 per share. Re-elections included Carl-Henric Svanberg as Chairman and the Board Members. The auditor firm Deloitte AB was re-elected for another year. A remuneration policy for senior executives was adopted, while one shareholder's proposal was not approved. Detailed minutes of the meeting will be available on Volvo's website.
Volvo Trucks has secured a major order for 110 VNR Electric trucks from Maersk, marking the largest commercial order for its electric vehicles to date. This follows an earlier order of 16 trucks, bringing the total to 126 units for Performance Team, part of the Maersk Group. The deployment is scheduled to start in Q2 2022 and be completed by Q1 2023. The VNR Electric features an operating range of up to 440 km and is part of Volvo's ambition to achieve 50% electric sales by 2030.
The Volvo Group announces its upcoming Capital Markets Day scheduled for June 22, 2022. This event will showcase the Group's strategic initiatives focused on sustainability in transport and infrastructure. Management is prepared to adjust the format in response to COVID-19 guidelines, potentially holding it as a digital event. In 2021, the Volvo Group reported net sales of SEK 372 billion (approximately EUR 37 billion) and continues to emphasize innovation in sustainable solutions.
AB Volvo has proposed Jan Carlson for election as a new Board member at the Annual General Meeting on April 6, 2022. The proposal also includes re-election for existing Board members, including Chairman Carl-Henric Svanberg. Jan Carlson, with 30 years of automotive industry experience, currently serves as President and CEO of Veoneer Inc. and Chairman of Autoliv Inc.. The Election Committee, representing around 17.6% of shares and approximately 39.0% of votes, is composed of major shareholders. Notably, Eckhard Cordes will not seek re-election.
Volvo Group has appointed Tina Hultkvist as Chief Financial Officer, effective March 15, 2022, succeeding Jan Ytterberg, who will continue as a senior advisor. Hultkvist, born in 1974, has been with Volvo since 1998 and held senior roles in finance. This leadership change signals a continuity strategy for the finance department, as Hultkvist brings extensive experience in Group Reporting, Tax, and Control. The company aims to maintain its commitment to sustainable transport and infrastructure solutions, reinforcing its position in the global market.
Volvo Trucks has emerged as the market leader in heavy all-electric trucks in Europe, securing a 42% market share in 2021. The company received orders for over 1,100 electric trucks across more than 20 countries, contributing to a 193% increase in electric truck registrations in Europe compared to 2020. As part of its commitment to sustainability, Volvo aims for 50% of total truck sales to be electric by 2030. The heavy-duty models, including the Volvo FH, FM, and FMX, are expected to launch this fall, enhancing Volvo's robust electric lineup.
Volvo Trucks has launched an enhanced version of its VNR Electric, increasing its operational range from 240 km (150 miles) to up to 440 km (275 miles). The new model features improved battery technology offering up to 565 kWh energy storage and faster charging times, requiring only 90 minutes for an 80% charge. Production will start in Q2 2022 in Virginia. Volvo aims for 50% of its global truck sales to be electric by 2030, showcasing its commitment to sustainability and responding to rising customer demand for electric vehicles.
Volvo Trucks has secured an order for 25 additional heavy electric trucks from DFDS, Northern Europe's largest shipping and logistics company. This is in addition to the record order of 100 Volvo FM electric trucks placed in October, totaling 125 trucks for DFDS. The new vehicles aim to enhance low-emission transport solutions across Europe, with deliveries set for Q4 2022. Volvo Trucks holds a 40% market share for electric trucks over 16 tonnes in Europe.
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