Volvo CE Boosts Gross sales 11% Regardless of Sharp Drop in China

Regardless of a 26% lower in orders in China, Volvo Building Gear stories an 11% enhance in internet gross sales within the third quarter in comparison with the identical interval final yr.

Decreased authorities investments led to decrease building exercise in China, sparking a sudden decline.

The remainder of the world noticed robust development, prompted by excessive infrastructure investments and housing building exercise. North American gross sales elevated 27% to SEK 3,790 M ($440 million US).

Web gross sales elevated to SEK 19,638 M ($ 2.3 billion US) in comparison with SEK 17,619 M ($2 billion US) through the third quarter 2020. When adjusted for modifications within the trade charges, internet gross sales have been additionally up 11% in the identical interval. Machine gross sales elevated by 11%, and repair gross sales by 13%. Web order consumption remained flat, although nonetheless excessive. Deliveries decreased by 9%, as a consequence of declines in China.         

Volvo CE chart exhibiting internet gross sales by market space in hundreds of thousands of Swedish Krona (SEK).Volvo Building Gear

“Regardless of industry-wide challenges of provide and supply constraints, the ability of Volvo CE as a very international chief is evident to see in at the moment’s quarterly outcomes,” says Volvo CE President Melker Jernberg. “Whereas gross sales in China have dipped, the energy of gross sales in different areas has ensured we now have remained at peak efficiency.”

“Throughout each the European and the North American markets, demand has remained excessive – the latter due to excessive infrastructure investments and housing building exercise. Asia, excluding China, confirmed good enhancements notably throughout South Korea and Southeast Asia,” says Volvo in its launch.

The corporate stays cautious in its outlook as a consequence of persevering with uncertainty with the availability chain and the continuing Covid-19 pandemic.

New merchandise cleared the path

With the current launch of three new electrical compact machines, Volvo holds the title for the biggest vary of commercially obtainable electrical machines. The corporate additionally launched 16 new machines in India, and the world’s first fossil-free metal prototype car this quarter. 

“This quarter has additionally demonstrated our main concentrate on sustainable energy, with a number of thrilling launches and occasions, guaranteeing we preserve a robust concentrate on constructing a brighter future,” Jernberg stated.