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The Volvo Group has signed a Letter of Intent with Pilot Company to develop public charging infrastructure for medium- and heavy-duty electric vehicles in North America. This strategic partnership aims to combine Volvo's expertise in electric trucks with Pilot's extensive travel center network, enhancing the availability of high-performance charging stations.
The initiative seeks to alleviate range anxiety for electric truck customers and supports their decarbonization efforts, positioning both companies at the forefront of sustainable transport solutions.
In Q3 2022, the Volvo Group reported net sales growth of 35% to SEK 114.9 billion, boosted by vehicle and service sales. Adjusted operating income rose to SEK 11.9 billion, with an operating margin of 10.3%. A reduction in working capital led to strong operating cash flow of SEK 14.6 billion. The return on capital employed improved to 27.4% and the earnings per share reached SEK 4.24. Production of heavy-duty electric trucks commenced, enhancing the company's position in sustainable transport.
Volvo Trucks will deliver 20 fully electric FH Electric trucks to Amazon in Germany by year-end 2022. These trucks aim to replace diesel vehicles, reducing carbon emissions in road transport, which contributes significantly to Germany's transport emissions. Volvo's electric truck series production began in September 2022, targeting a goal where 50% of new trucks sold will be battery or fuel cell electric by 2030. With a battery capacity of 540 kWh and a range of up to 500 km, these trucks support Amazon's commitment to decarbonization in its transportation logistics.
Volvo Trucks has initiated series production of its heavy-duty electric trucks, including the Volvo FH, FM, and FMX, each capable of a gross combination weight of 44 tonnes. This development marks a significant milestone as Volvo becomes the first global truck manufacturer to achieve this. The production is set to commence in Gothenburg, Sweden, with plans for additional plants in Belgium. Currently, Volvo has delivered around 1,000 heavy electric trucks and aims for at least 50% of its global sales to be electric by 2030.
Nina Aresund has been appointed as the new member of Volvo's Group Executive Board and Executive Vice President Group Legal and Compliance, effective January 1, 2023. She succeeds Sofia Frändberg, who has served in the role for ten years. Aresund joined the Volvo Group in 2007 and was previously the Head of Legal and Compliance for Volvo Construction Equipment. Martin Lundstedt, President and CEO, emphasized the significance of this succession as part of the company’s strategic planning for leadership continuity.
Renault Trucks is enhancing its sustainability efforts by establishing a Used Parts Factory in Lyon-Vénissieux. This initiative aims to reduce natural resource usage and minimize environmental impact. The facility will dismantle end-of-life trucks to recycle parts, which will be cleaned, labeled, and sold under the 'Used Parts by Renault Trucks' brand, complete with a manufacturer's warranty. This move follows a five-year investment in the circular economy and addresses the industry's component shortages. The main goal is to progress towards carbon neutrality.
Jan Gurander will resign as Deputy CEO of Volvo Group effective December 31, 2022. His responsibilities will be reassigned to other Executive Board members. Gurander has been a pivotal figure in the Group since 2014, contributing to its growth and financial stability. He has served as CFO and played a key role in driving sustainability initiatives. President and CEO Martin Lundstedt commended Gurander's significant contributions over the years. The Volvo Group continues to focus on sustainable transport and infrastructure, employing nearly 100,000 people and serving customers in over 190 markets.
The Volvo Group, Daimler Truck, and TRATON GROUP have launched a joint venture focused on charging infrastructure in Europe, with plans to install at least 1,700 high-performance charging stations for heavy-duty trucks. The JV, led by CEO Anja van Niersen, marks a EUR 500 million investment aimed at supporting the EU's Green Deal for carbon-neutral freight transportation by 2050. The initiative encourages industry collaboration for expanding charging networks and is open to all heavy commercial vehicle brands in Europe.
On July 5, 2022, Volvo Group Venture Capital announced an investment in Optibus Ltd, a company specializing in optimization software for public transportation. The partnership aims to enhance sustainable bus fleets and digitalize the public transportation sector, which is currently evolving due to electrification and changing business models. Optibus, used in 1,000 cities globally, reported a year-over-year revenue doubling. Volvo aims to leverage this investment to offer more efficient transport solutions. The transaction is not expected to significantly affect Volvo's earnings or financial position.
