Volvo Group has reported this week that it believes North American and European market conditions have continued to normalise throughout the second quarter this year, with the Swedish based company attributing the trend to lower transport volumes and the fact that large fleets are replacing trucks to meet higher freight capacity needs, while retail customers remain more hesitant with ordering.
Volvo Group also commented that the market for vocational trucks in North America has also been relatively strong.
In the Q2 report, Volvo Group noted that North American order intake increased by 12 per cent up to 9,756 trucks compared with 8,711 year-on-year. It also reported that deliveries increased by two per cent to 16,234 compared witht eh same period in 2023.
Up till the end ofJune, Volvo Trucksʼ said its heavy-duty truck market share increased to 10.8 per cent up from 10.1 per cent last year, while its subsidiary Mack Trucksʼ increased its market share to 6.8 per cent, up 0.3 per cent on its result in the same period last year.
In South America, Volvo Group revealed that its order intake had increased by 66 per cent to 10,483 trucks while deliveries increased by 37 per cent to 7,368 vehicles. In Brazil, Volvo Trucksʼ heavy-duty truck market share remained strong and came in on 22.9 per cent up from 23.0 per cent last year.
“During Q2 2024, the Volvo Group delivered good profitability as demand in many markets continued to normalize compared with the high levels of 2023,” said Volvo Group’s president and chief executive officer,Martin Lundstedt.
“Net sales amounted to $AUD 20.1 billion ($USD13.47 billion), which adjusted for currency changes was on the same level as in the prior year,” Lundstedt added
