Sales down in 2024 for Volvo CE

Volvo CE’s R70 rigid hauler. (Photo: Volvo CE)

Sales were down in all of the regions that the OEM reports on for 2024 compared to 2023 – Europe, North America, South America, Asia, and Africa and Oceania.

The Swedish-based OEM also released the results for the fourth quarter of 2024. Net sales dropped by 16% in Q4 to SEK 22,197 (US$2.01 billion) compared to the same quarter last year, but net order intake for the same quarter has risen 19%, driven by improvements in major markets across Europe, North America, Africa and Oceania.

Final quarter sales in Europe were 25% down, year-on-yeare, and a “normalisation of replenished dealer and rental fleets” in North America led to an 8% drop.

However, South America saw a 5% increase in Q4 thanks mainly to improvements in Brazil, a 6% increasae in China resulted from government policies to stimulate the real estate market. Asia, excluding China, was flat with lower sales in Southeast Asia, South Korea and Turkey, while markets in India and the Middle East grew.

Despite sales falling in 2024 the OEM noted that it had maintained healthy profitability and highlighted that it was continuing with its largest product portfolio overhaul in decades.

“Despite lower volumes, we have been able to maintain a healthy profitability, whilst at the same time introducing new products and services, including a new range of articulated haulers to our existing portfolio,” said Melker Jernberg, President of Volvo CE.

Volvo CE sales for the fourth quarter and full year, 2023 and 2024. Image: Volvo CE

“This last quarter has seen us move forward with our biggest launch year ever, balancing tomorrow’s innovations with our customers’ needs for today. 2025 will see us continue with these exciting developments, strengthened by an incredible performance from all our employees around the world.”

New equipment launched by Volvo CE recently include a new generation of excavators and a comprehensive range of articulated haulers.