The Volvo Group reported first-quarter net sales of $12 billion, which was basically flat compared with the previous year. Adjusted operating income amounted to $1.66 billion, corresponding to an adjusted operating margin of 13.8%.
“We are committed to driving the day-to-day performance of our business and the transformation of our industries toward safer and more sustainable solutions,” Volvo Group CEO Martin Lundstedt said in a statement.
For Volvo Penta, consumer demand weakened as deliveries decreased 18% and order intake decreased 33%. Net sales decreased 8% to $472.52 million. Net sales in Europe were 12% lower in the quarter compared with 2023; North America was down 16%, and South America was off 38%.
Volvo Penta introduced a propulsion system for superyachts in the first quarter, the IPS Professional Platform. It builds on the company’s pod-drive system and Electronic Vessel Control technology with enhancements to accommodate larger vessels.
