AB Volvo (VLVLY) reports on Volvo Group developments across transport and infrastructure solutions, including trucks, buses, construction equipment, marine and industrial power solutions, financing and uptime-related services. Recurring updates include quarterly and annual results, vehicle and service demand trends, product launches, partnerships, and manufacturing initiatives tied to more efficient and lower-emission operations.
Company announcements also cover shareholder actions, Annual General Meeting resolutions, dividends, board and governance matters, and selected research or foundation activities connected to Volvo's corporate history. VLVLY is an unsponsored ADR associated with AB Volvo, whose shares are listed on Nasdaq Stockholm.
The Volvo Group will release its Q3 2021 report on October 21, 2021, at 7:20 a.m. CEST. A video conference for analysts and press will begin at 9:00 a.m. CEST, featuring CEO Martin Lundstedt and CFO Jan Ytterberg. The presentation will include a Q&A session, accessible via an online link. The company, headquartered in Gothenburg, Sweden, is a leader in transport and infrastructure solutions, with net sales of about SEK 338 billion in 2020 and operations in over 190 markets.
Volvo Trucks announced a significant milestone with an order for 100 Volvo FM Electric trucks from DFDS, marking the largest commercial order for electric trucks globally. The trucks are set to be deployed in DFDS's logistics operations across Europe, with deliveries commencing in Q4 2022 and continuing through 2023. This move supports DFDS's goal of a 45% CO2 reduction by 2030. Volvo aims for 50% of its truck deliveries to be electric by 2030, leveraging its market-leading position in electrified heavy trucks.
Volvo Group has announced the rescheduling of its Capital Market Day, originally set for November 11, 2021, to spring 2022. A new date will be communicated in advance, with details on whether the event will be virtual or in-person. The registration process will open closer to the new date. The Volvo Group focuses on transport and infrastructure solutions, employing nearly 100,000 people and serving customers in over 190 markets, achieving net sales of approximately SEK 338 billion in 2020.
Performance Team, a Maersk Company, has ordered 16 Volvo VNR Electric Class 8 trucks, marking the largest commercial order for this zero-tailpipe emission model in North America. These trucks are set to operate in Southern California by the end of 2021, aiming to enhance local freight distribution while contributing to environmental sustainability as part of Maersk's ESG strategy. The acquisition reflects a 30% growth in Performance Team's warehousing and distribution business, meeting increasing customer demands for electric logistics solutions.
Volvo Group Venture Capital has announced an investment in Foretellix Ltd, a company specializing in safety for autonomous vehicles.
This funding aims to enhance Foretellix's verification platform, ensuring automated driving systems are safe and ready for commercialization. The partnership, formed earlier in March 2021, will focus on developing a coverage-driven verification solution for public and restricted road use. Volvo emphasizes the importance of this investment in advancing safe autonomous driving technology.
On July 20, 2021, the Volvo Group reported strong demand in Q2 2021, with net sales rising by 24% to SEK 90.6 billion despite challenges like semiconductor shortages. The adjusted operating income surged to SEK 9.7 billion, achieving an operating margin of 10.7%. The divestment of UD Trucks contributed to financial performance, with SEK 19 billion returned to shareholders. Operating cash flow improved to SEK 5.9 billion. The company also announced a collaboration for a public charging network in Europe.
Volvo Group's subsidiary Mack Trucks announced that the New York City Department of Sanitation (DSNY) plans to purchase seven Mack LR Electric refuse models for operation across the city's boroughs. The order follows successful real-world testing of a demonstrator model in Brooklyn. Mack senior vice president Jonathan Randall highlighted the order as a testament to the vehicle's performance, aiding NYC's zero-emissions goals. The vehicles will be charged using DC fast chargers, with serial production starting in 2021 at Mack's facility in Pennsylvania.
AB Volvo held an Extraordinary General Meeting on June 29, 2021, where it was resolved to distribute an extra SEK 9.50 per share to shareholders. The record date for the distribution was set for July 1, 2021. This decision reflects the company's commitment to returning value to its investors. The complete resolutions from the meeting will be available for review. The Volvo Group continues to focus on delivering sustainable transport and infrastructure solutions, with net sales of approximately SEK 338 billion in 2020.
Volvo Group's climate targets have been validated by the Science Based Targets initiative (SBTi) to align with the Paris Climate Agreement, aiming for a maximum temperature rise of 1.5°C. CEO Martin Lundstedt stated that the company leads industry standards with an ambitious emission reduction goal of 40% per vehicle km for trucks and buses by 2030. Additionally, Volvo commits to net-zero value chain emissions by 2040, ahead of the SBTi's deadline. The company covers 95% of sold products in its targets, exceeding SBTi requirements.
On June 3, 2021, AB Volvo announced its Extraordinary General Meeting to be held on June 29, 2021, conducted solely through advance voting due to COVID-19 restrictions. Shareholders must be registered by June 18, 2021, and must cast votes by June 28, 2021. The meeting agenda includes the election of a chairman, approval of minutes, and a proposed extraordinary dividend of SEK 9.50 per share, with distribution set for July 6, 2021. Further details are accessible on Volvo's website.