Volvo Group – the first quarter 2024

“During Q1 2024, demand continued to normalize at good levels across many of the Volvo Group’s markets. Adjusted for currency, net sales were on the same level as in Q1 2023 and amounted to SEK 131.2 billion. Invoiced price continued to increase, mainly on the back of carry-over from the price increases we gradually implemented last year. Adjusted operating income amounted to SEK 18.2 billion (18.6), which corresponds to a margin of 13.8% (14.0). Return on capital employed improved to 37.7% (30.3). We continue to prioritize quality in the business,” says Martin Lundstedt, President and CEO.
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  • In Q1 2024, net sales were on the same level as in the previous year and amounted to SEK 131.2 billion (131.3). Also when adjusted for currency movements, net sales were flat.
  • Adjusted operating income amounted to SEK 18,159 M (18,566), corresponding to an adjusted operating margin of 13.8% (14.0). There were no adjustments in Q1 2024. In Q1 2023, a negative effect of SEK 1,300 M was excluded from adjusted operating income.
  • Reported operating income amounted to SEK 18,159 M (17,266).
  • Currency movements had a negative impact on operating income of SEK 346 M.
  • Earnings per share amounted to SEK 6.92 (6.35).
  • Operating cash flow in the Industrial Operations amounted to SEK 8,896 M (5,004).
  • Return on capital employed in the Industrial Operations amounted to 37.7% (30.3)


Press and Analyst Conference Call
An on-line presentation of the report, followed by a question and answer session will start at 09.00 CEST. Link to webcast:

More information, including an interview with CEO Martin Lundstedt, is soon available on



April 17, 2024



Aktiebolaget Volvo (publ) 556012-5790

Investor Relations
SE-405 08 Göteborg, Sweden
Tel +46 31 66 00 00

Contact Media Relations:
Claes Eliasson                         +46 765 53 72 29

Contacts Investor Relations:
Johan Bartler                           +46 739 02 21 93
Anders Christensson               +46 765 53 59 66


This information is information that AB Volvo (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07.20 CEST on April 17, 2024.


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The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers’ uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets. In 2023, net sales amounted to SEK 553 billion (EUR 48 billion). Volvo shares are listed on Nasdaq Stockholm.

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