VOLVO Construction Equipment has reported a ‘good performance’ for Q3 this year following ‘solid demand’ in most regions.
The manufacturer revealed that every market outside Europe and China is demonstrating ‘high activity and strong growth’ for Q3, thanks to continued development in the commodity and infrastructure segments, resulting in a 23% increase in net sales compared to 2021. This is despite an overall decline in net order intake (32%) and deliveries (7%).
With net sales increasing, Volvo added that profitability ‘remains strong’. When adjusted for currency movements net sales increased by 9%, of which net sales of machines were up by 10% and service sales by 3%. Adjusted operating income amounted to SEK 3,773 M (SEK 2,635 M in 2021).
Volvo said sustainability has remained high on the agenda with the continued rollout of electric machines, including the ECR25 electric excavator in South Korea. In China, a series of events were held 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’ electric compact excavators and wheel loaders.
Melker Jernberg, president of Volvo CE, said, “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.”
