Volvo CE has announced that net sales have increased by 23% year-on-year with the release of its latest quarterly results.
According to the manufacturer, markets outside Europe and China have demonstrated high activity and strong growth for Q3, 2022 due to continued development in the commodity and infrastructure segments, resulting in a 23% increase in net sales compared to 2021 and a greater increase than the previous quarter.
This is despite an overall decline in net order intake (32%) and deliveries (7%), although this is a smaller decrease than the last quarter.
When adjusted for currency movements net sales increased by 9%, Volvo CE says, of which net sales of machines were up by 10% and service sales by 3%.
While profitability has been the focus for the third quarter, sustainability has still remained high on the agenda with the continued global rollout of Volvo CE’s electric machines – including the ECR25 Electric excavator in South Korea. In China, a series of customer events were held across the country to introduce customers to the company’s electric offering and charging solutions. Elsewhere, Volvo CE launched a trial test pilot for a product configurator, an online tool that allows customers to ‘build and price’ their electric compact excavators and wheel loaders.
Melker Jernberg, President of Volvo CE, says: “In this quarter we took still more steps on our transformation journey, ensuring that our electric machines and charging solutions are built to fit the needs of our customers in any application and region of the world. Together with our customers, we can lead the transition to a decarbonised construction industry, while still continuing our efforts to build upon our strong financial position.”
