Volvo Ab Stock Price, News & Analysis

On March 9, 2023, Volvo Group announced the opening of CampX Lyon, its fourth innovation hub aimed at fostering sustainable mobility through collaboration with startups. The CampX initiative began in 2019 and emphasizes the development of electrification, automation, and digitalization technologies. The new hub in Lyon will prioritize decarbonization and urban logistics, furthering Volvo’s commitment to meeting the growing demand for sustainable transport solutions. With seven partnership agreements already established, CampX Lyon is set to enhance the development of innovative solutions in the transport sector.

AB Volvo has announced the details for its Annual General Meeting scheduled for April 4, 2023, at Konserthuset in Göteborg, starting at 3:00 p.m.. Registration opens at 2:00 p.m.. Shareholders can attend in person, appoint a proxy, or cast advance votes. Key agenda items include the election of board members, presentation of financial reports, and proposed dividends of SEK 7.00 per share, with an additional SEK 7.00 as an extra dividend, payable on April 13, 2023.

Shareholders must be registered by March 27, 2023, and notify their intention to participate by March 29, 2023.

Volvo Group has released its Annual Report for 2022, showcasing net sales of SEK 473.5 billion, an increase of over SEK 100 billion. The adjusted operating income rose to SEK 50.5 billion, with a slight decrease in operating margin to 10.7%. Return on capital employed in industrial operations increased to 27.4%. Despite facing challenges such as geopolitical turmoil and supply chain constraints, the company is focusing on transforming the transport system towards decarbonization, enhancing customer commitments to reduce CO2 emissions. Overall, the report indicates solid profitability and a strong financial position.

AB Volvo's Election Committee proposes Bo Annvik as a new Board member at the Annual General Meeting scheduled for April 4, 2023. The committee also recommends the re-election of Chairman Carl-Henric Svanberg and existing board members, while Hanne de Mora will not seek re-election. Annvik, with extensive experience in the manufacturing and automotive sectors, has been President and CEO of Indutrade since 2017 and serves on the board of SSAB. The Election Committee represents major shareholders holding about 16.5% of shares and 39.8% of votes.

Volvo Trucks reports significant growth in electric truck sales, having sold over 4,300 electric trucks across more than 38 countries. In Europe, the company leads with a 32% market share, while nearly 50% of all heavy electric trucks registered in North America in 2022 were Volvo vehicles. The market for heavy electric trucks grew by 200% in Europe, reaching 1,041 trucks. Volvo aims for 50% of new truck sales to be electric by 2030. The company currently provides the industry's broadest electric truck portfolio, emphasizing its commitment to supporting customers in the transition to electric transport.

Volvo Construction Equipment (Volvo CE) announced the launch of the L120H Electric Conversion, targeted for selected customers in Europe during 2023. This initiative aims to enhance electromobility offerings, responding to the demand for sustainable solutions in mid-sized construction equipment. Developed in collaboration with Parker Hannifin and CE Engineering Solutions, the electric loader operates with 240 kWh batteries, offering five hours of runtime and charging in 1.5-2 hours. Volvo CE strives for net-zero greenhouse gas emissions by 2040, reinforcing its commitment to carbon-neutral solutions in the construction industry.

On February 17, 2023, Volvo Construction Equipment (Volvo CE) announced an investment of SEK 80 million (approximately $7.8 million) in battery pack production at its Changwon plant in South Korea. This facility is the largest excavator production site for Volvo CE, responsible for about 55% of its total excavator volumes. The investment aims to enhance manufacturing capabilities for electric excavators, supporting Volvo's goal of having 35% of machine sales be electric by 2030. Construction will start in April 2023, with production expected to begin in June 2024, furthering the company's commitment to electrification and sustainability.

On January 26, 2023, the Volvo Group reported robust growth in 2022, with net sales increasing by over SEK 100 billion to SEK 473 billion. Adjusted operating income rose to SEK 50.5 billion with a margin of 10.7%. In Q4 2022, net sales surged 31% to SEK 134.3 billion, and adjusted operating income reached SEK 12.2 billion. The company proposed an ordinary dividend of SEK 7.00 and an extra dividend of SEK 7.00 per share. Operating cash flow was strong at SEK 35.3 billion for the year, and the company ended with a net cash position of SEK 73.9 billion.

The Volvo Group will publish its Q4 2022 report on January 26, 2023 at 7.20 a.m. CEST. A press conference is scheduled for the same day at 9.00 a.m. CEST in Stockholm, featuring CEO Martin Lundstedt and CFO Tina Hultkvist. The event will be webcasted, allowing wider access for participants. Founded in 1927 and headquartered in Gothenburg, Sweden, the Volvo Group reported SEK 372 billion in net sales for 2021 and employs approximately 95,000 people.