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The Volvo Group is a leading global provider of transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions, and services. Founded in 1927, the company is committed to sustainable transport solutions and shaping the future of the industry. In 2023, their net sales reached SEK 553 billion. Recently, Volvo has expanded its heavy-duty truck manufacturing capacity in Mexico and acquired the battery business from Proterra Inc. to accelerate their battery-electric roadmap.
Renault Trucks T, a Volvo Group brand, has achieved a 4-star safety rating in Euro NCAP's first-ever heavy-duty truck assessment. The truck scored 74% overall, with breakdowns of 72% in Safe driving, 70% in Collision avoidance, and 80% in Post-accident systems. The vehicle features advanced safety systems including radar detection for vulnerable users, blind spot cameras, Adaptive Cruise Control with stop-and-go, lane departure warning, and automatic emergency braking. Euro NCAP praised the high quality of its advanced driving assistance systems in standard configuration. Testing was conducted by UTAC laboratory in France following Euro NCAP protocols.
Volvo Group held its Capital Markets Day at the Volvo Trucks Customer Center in Virginia, USA, where CEO Martin Lundstedt outlined the company's strategic direction. The Group aims to improve performance and strengthen earnings resilience while continuing investments in growth and transformation. Operating from a strong financial position, Volvo plans to increase market shares, particularly in North America, and expand its global service business. The company emphasizes its commitment to sustainable transport solutions across all technologies - internal combustion, battery-electric, and fuel cell-electric vehicles.
Volvo Penta announced a follow-on investment in UtilityInnovation Group (UIG), a USA and Ireland-based company specializing in resilient utility systems and decentralized energy solutions. The investment strengthens Volvo Penta's position in the energy infrastructure market as a supplier of battery energy storage (BESS) subsystems. UIG will scale its operations to meet growing demand for sustainable electric grid infrastructure, focusing on expanding resilient energy solutions, driving BESS adoption, and deploying their GridSure platform. The partnership aims to address challenges in data center power demands and grid evolution. The transaction has no significant impact on Volvo Group's earnings or financial position.
Volvo Group (VLVLY) and Daimler Truck have signed a binding agreement to establish a 50/50 joint venture focused on developing a software-defined vehicle platform for heavy-duty vehicles. The new company, to be headquartered in Gothenburg, Sweden, will develop a truck operating system and offer brand-agnostic products to other commercial vehicle OEMs. The joint venture will create centralized high-performance control units and develop an operating system enabling wireless 'over the air' updates. The transaction is expected to complete in H1 2025, subject to regulatory approvals. Both companies will remain competitors in all other business areas.
The Consumer Technology Association (CTA) has announced Martin Lundstedt, President and CEO of Volvo Group, as a keynote speaker for CES 2025. Volvo Group will showcase its vision for 100% safe, 100% fossil-free, and 100% more productive transportation and infrastructure. The presentation will focus on sustainable innovation through electrification, connectivity, and automation.
Volvo Group aims to reach net zero value chain greenhouse gas emissions by 2040. They will highlight their three-pronged approach to fossil-free transportation: battery electric, hydrogen fuel cells, and combustion engines running on renewable biofuels. The company emphasizes the importance of a systemic approach across the entire value chain and strategic partnerships to accelerate change.
Martin Lundstedt's keynote speech is scheduled for January 8, 2025, at 9 a.m. PT in the Palazzo Ballroom at the Venetian.
Professor Frank Biermann has been awarded the Volvo Environment Prize 2024 for his research on environmental governance. As a political scientist at Utrecht University, Biermann focuses on reforming global institutions to address sustainability challenges. His analysis of 3,000 studies revealed that the UN's Sustainable Development Goals have had minimal impact so far. Biermann advocates for more powerful institutions to tackle issues like climate change.
The award recognizes Biermann's contributions to international environmental governance and his role in the Earth System Governance Project. He has also been vocal against solar geoengineering, calling for a non-use agreement. The Volvo Environment Prize, now in its 35th year, will be celebrated on October 15th in Stockholm, Sweden.
Volvo Financial Services (VFS) and JA Worldwide have reached over 10,000 students with financial literacy curriculum in 2024, bringing their total impact to 24,000 students since last year. The program, supported by 180 VFS employee volunteers, focuses on skills like entrepreneurial thinking, budgeting, and career development. VFS has expanded the initiative to 12 markets, including new additions Canada, Romania, and Sweden.
The partnership aligns with Volvo Group's sustainability goals and the UN's Sustainable Development Goals. Programs are tailored to local needs, such as 'JA It's My Future' in the U.S. and the JA Company Program in Italy. VFS President Marcio Pedroso emphasized the program's potential to change students' futures through improved financial literacy.
Volvo Trucks (VLVLY) has announced a breakthrough in electric truck technology with its upcoming FH Electric model, capable of driving up to 600 km on a single charge. Set for release in the second half of 2025, this long-range version will enable zero-emission transport for longer distances, allowing a full working day without recharging. The extended range is made possible by Volvo's new e-axle technology, creating space for more battery capacity.
As a global leader in electric trucks, Volvo has delivered over 3,800 electric trucks to customers in 46 countries. The company is committed to reaching net-zero emissions by 2040, utilizing a three-path technology strategy including battery electric, fuel cell electric, and renewable fuel combustion engines.
Volvo Construction Equipment (Volvo CE) unveiled its latest product lineup at Volvo Days 2024, emphasizing sustainability and productivity. The event showcased modernized excavators, the first electric wheeled excavator, and a range of new digital tools. Significant products include the Volvo EC500, EC400, and EC230 excavators, supported by new smart applications for increased business potential. Volvo CE introduced new electric solutions such as the EWR150 Electric and L90 Electric wheel loaders, with a broad range of charging solutions. A focus on total solutions tailored to customer needs, including collaborations with Volvo Financial Services and Volvo Trucks, was highlighted. This holistic approach aims to drive the construction industry's decarbonization and meet societal challenges.
The Assar Gabrielsson Foundation has announced the 2024 prize recipients: Anna Wenger and Sara Bjursten. Anna Wenger received the award for her advanced studies on malignant gliomas in children and adults, focusing on epigenetic differences and cancer stem cells, which could enhance diagnostics and treatment options. Sara Bjursten was recognized for her clinical research on immunotherapy and its side effects on the central nervous system. Both recipients will receive SEK 100,000 each for their research. The awards are managed by the Sahlgrenska Academy at the University of Gothenburg.
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