VOLVO AB UNSP/ADR - VLVLY STOCK NEWS

The Volvo Group has announced the upcoming publication of its Q1 2023 financial report scheduled for April 20, 2023, at 7:20 a.m. CEST. A conference call for press and analysts will follow at 9:00 a.m. CEST, featuring President and CEO Martin Lundstedt and acting CFO Jan Ytterberg. An online presentation with a Q&A session will also be available, enhancing engagement with stakeholders.

In 2022, the Volvo Group reported net sales of SEK 473 billion (EUR 45 billion). The company is headquartered in Gothenburg, Sweden, with operations in nearly 190 markets and a workforce exceeding 100,000 employees. For real-time updates, the company encourages following their official Twitter account.

AB Volvo held its Annual General Meeting on April 4, 2023, in Gothenburg, Sweden. Key resolutions included the adoption of the income statements and a decision to issue an ordinary and extraordinary dividend of SEK 7.00 per share, with April 6, 2023 set as the record date. The board members were re-elected, and Carl-Henric Svanberg continued as Chairman. The Meeting approved various remuneration guidelines and the re-election of Deloitte AB as auditor until the next AGM in 2024. Volvo’s commitment to sustainable transport and infrastructure solutions was reiterated, highlighting a net sales figure of SEK 473 billion in 2022.

Volvo Trucks collaborates with mining company Boliden to introduce battery-electric trucks for underground transport, marking a significant step towards sustainable mining.

Starting in 2023, Boliden aims to reduce CO2 emissions by 40% by 2030, and the use of these electric trucks could decrease emissions by over 25% at the Kankberg mine. The initial Volvo FH Electric truck will transport equipment underground. This partnership enhances Volvo's electric truck offerings, aligning with their goal to achieve 50% electric sales by 2030.

Volvo Buses is restructuring its business model in Europe, shifting focus to chassis production and external partnerships for building complete buses and coaches. The company will close its bodybuilding factory in Wroclaw, Poland, by Q1 2024, impacting around 1,600 jobs. A restructuring provision of SEK 1.3 billion will negatively affect operating income in Q1 2023. The move aims to enhance profitability and competitiveness in the European market, which has been loss-making for years. However, the transition is expected to temporarily reduce revenues in Europe during 2024 and 2025.

On March 9, 2023, Volvo Group announced the opening of CampX Lyon, its fourth innovation hub aimed at fostering sustainable mobility through collaboration with startups. The CampX initiative began in 2019 and emphasizes the development of electrification, automation, and digitalization technologies. The new hub in Lyon will prioritize decarbonization and urban logistics, furthering Volvo’s commitment to meeting the growing demand for sustainable transport solutions. With seven partnership agreements already established, CampX Lyon is set to enhance the development of innovative solutions in the transport sector.

AB Volvo has announced the details for its Annual General Meeting scheduled for April 4, 2023, at Konserthuset in Göteborg, starting at 3:00 p.m.. Registration opens at 2:00 p.m.. Shareholders can attend in person, appoint a proxy, or cast advance votes. Key agenda items include the election of board members, presentation of financial reports, and proposed dividends of SEK 7.00 per share, with an additional SEK 7.00 as an extra dividend, payable on April 13, 2023.

Shareholders must be registered by March 27, 2023, and notify their intention to participate by March 29, 2023.

Volvo Group has released its Annual Report for 2022, showcasing net sales of SEK 473.5 billion, an increase of over SEK 100 billion. The adjusted operating income rose to SEK 50.5 billion, with a slight decrease in operating margin to 10.7%. Return on capital employed in industrial operations increased to 27.4%. Despite facing challenges such as geopolitical turmoil and supply chain constraints, the company is focusing on transforming the transport system towards decarbonization, enhancing customer commitments to reduce CO2 emissions. Overall, the report indicates solid profitability and a strong financial position.

AB Volvo's Election Committee proposes Bo Annvik as a new Board member at the Annual General Meeting scheduled for April 4, 2023. The committee also recommends the re-election of Chairman Carl-Henric Svanberg and existing board members, while Hanne de Mora will not seek re-election. Annvik, with extensive experience in the manufacturing and automotive sectors, has been President and CEO of Indutrade since 2017 and serves on the board of SSAB. The Election Committee represents major shareholders holding about 16.5% of shares and 39.8% of votes.

Volvo Trucks reports significant growth in electric truck sales, having sold over 4,300 electric trucks across more than 38 countries. In Europe, the company leads with a 32% market share, while nearly 50% of all heavy electric trucks registered in North America in 2022 were Volvo vehicles. The market for heavy electric trucks grew by 200% in Europe, reaching 1,041 trucks. Volvo aims for 50% of new truck sales to be electric by 2030. The company currently provides the industry's broadest electric truck portfolio, emphasizing its commitment to supporting customers in the transition to electric transport.