Swedish manufacturing giant Volvo Group continues building sales momentum in the electric era. Volvo Group delivered a record number of electric trucks, buses, construction equipment, and marine and industrial engines in Q2.
Volvo Groups electric sales grow in Q2 2023
The Volvo Group consists of Volvo, Renault Trucks, Mack Trucks, Nova Bus, Volvo Penta, and others in financial services, energy, defense, and more.
Since launching its first all-electric truck in 2018, the FL Electric, Volvo Group has continued driving the industry towards a sustainable future.
Volvo followed it up by introducing the more powerful Class 8 VNR electric model in the US and Canada in 2021, featuring a larger battery pack for added range. After adding three huge 44-ton electric trucks this past year, Volvo set an industry standard with the most extensive offering of heavy-duty EV trucks.
The manufacturing giant has continued to expand its portfolio of EV offerings over the years to include electric trucks, buses, contruction equipment, marine and industrial engines.
After scoring its largest order for electric trucks in May, Volvo Group had a record sales quarter in Q2 regarding electric equipment.
Volvo Group achieves record electric sales in Q2
Volvo Group’s CEO, Martin Lundstedt, explained the company achieved its “strongest quarterly earnings ever” in Q2. Commenting on the success, Lundstedt said:
We continue to push innovation and investments tostay in the forefront of the transformation. The importance of performing today to be able to transform for tomorrow will be decisive for the years to come.
A big part of the success is the company’s growing electric offerings. In the second quarter, Volvo delivered 759 electric trucks. These include 337 Volvos, 417 Renaults, and five Mack electric trucks.
Volvo’s total electric heavy-duty market share increased to over 50% in Europe compared to 36.9% last year. Despite the growth, new orders fell from a peak of 1,170 in the fourth quarter to 677 in Q2. Overall electric order intake rose to 1,703.
Beyond trucks, Volvo delivered 131 fully electric buses, up 236% YOY. Electric bus orders also grew in Q2 to 317, up 306% from last year.
Volvo Penta, the company’s marine and industrial power solutions supplier saw electric engines deliveries expand 933% in Q2 to 31 while nine new orders were placed during the quarter.
Meanwhile, Volvo’s electric construction equipment orders rose 49% in the first half of the year to 464.
Lundstedt says having stable earnings is key for the transformation to a more sustainable transportation and infrastructure system. He says Volvo Group continues investing in the future, “shaping the world we want to live in.”
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