Volvo Group in Brief
The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment as well as marine and industrial engines. The Group also provides complete solutions for financing and service. With its headquarters in Gothenburg, Sweden, the Group employs about 100,000 people, has production facilities in 18 countries and sells its products in more than 190 markets.
All of the Volvo Group’s products have been developed to contribute to efficient transport and infrastructure solutions and to provide our customers with uptime. We drive the development of electrified vehicles and machines as well as automated solutions for the benefit of customers, society and the environment. Sales of new vehicles, machines and engines as well as used vehicles and machines, superstructures and special vehicles accounted for 77% of the Group’s net sales in 2018. Sales of vehicles and machines build a population of products that drives spare parts sales and service revenue.
In addition to vehicles and machines, the offering includes various types of services such as insurance, rental services, spare parts, preventive maintenance, service agreements and assistance services. The range and flexibility of the offering means that the solutions can be customized for each customer.
The service business contributes to balancing the fluctuations in the sales of new products and is an area of priority. Sales of services accounted for 20% of net sales in 2018. The Group also offers financing for customers and dealers. Financial Services provided financing for 24% of products sold by the Group in 2018, measured in the markets where financing is offered.