Volvo Group, a Swedish automobile colossal keeps expanding its sales flow in the electric evolution. The group successfully created various records of making electric trucks, buses, construction equipment, and marine and industrial engines in Q2.
Electric Sales Growth of Volvo Group in Q2 2023
After coming up with its first all-electric truck in the year 2018, the FL Electric. The Volvo Group has seamlessly driven the whole automotive industry towards a sustainable future.
Volvo also launching the more powerful Class 8 VNR electric model in the US and Canada in 2021. This model features a bigger battery pack for the connected range. With the addition of three huge 44-ton electric trucks in the past year. Volvo is continue to set an industry standard with its amazing offering of heavy-duty EV trucks.
The Swedish maker has kept on expanding its portfolio of EVs by offering multiple ranges over the years. By scoring its largest order for electric trucks recently in May, it created a sales record in Q2 with respect to electric equipment.
Volvo Group Electric Sales achieves record in Q2
Group CEO, Martine Lundstedt, described that the company has significantly achieved its “strongest quarterly earnings ever” in Q2. Speaking on the newest success, he stated:
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 major part of the success is the company’s diversified and growing range. In terms of numbers then in the second quarter, Volvo delivered 759 electric trucks. This figure consists of 337 Volvos, 417 Renaults, and five Mack electric trucks.
Also, Volvo’s complete market share of electric heavy-duty raised to over 50% in Europe as compared to 36.9% last year. However, despite growth, new orders fell from the top of 1,170 in the fourth quarter to 677 in Q2. Thus overall electric order numbers rose to 1,703 respectively.
Apart from trucks, Volvo also delivered 131 fully electric buses, the number is up by 236% YOY. As electric bus orders rose in Q2 to 317 which is up by 306% as compared to last year.
Furthermore, Volvo Penta, the company’s marine and industrial power solutions supplier noticed a significant expansion in electric engine deliveries of 933% in Q2. Moving ahead, Volvo’s electric construction equipment order rose to 49% in the first half of the year to 464 units.
Lundstedt said that stable earnings are the main factor for the transformation to a more viable transportation and infrastructure system. He further stated that Volvo Group keeps on investing in the future, “shaping the world we want to live in.”
