Volvo Group reveals Q2 report
Volvo Group shared its second quarter financial results, reporting that “the marine business continues to be impacted by a weak consumer market.”
“In a quarter characterized by a general stabilization of the European market and more of uncertainty and a wait-and-see mode among customers in North America, the Volvo Group’s net sales declined by 5% adjusted for currency movements,” said Martin Lundstedt, president and CEO of Volvo Group.
In the marine business, net order intake increased by 22% to 8,338 units, and deliveries increased by 21% to 10,817 units in Q2. Net sales increased by 5% to SEK$5.5 billion. Adjusted operating income increased by 11%, amounting to SEK$1.1 billion, corresponding to an adjusted operating margin of 20.7% with a positive impact from increased volumes.
Additionally, in Q2, Volvo Penta announced a fully electric marine propulsion range on its IPS platform, starting with the introduction of a new IPS900E model.
