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Volvo Group will release its second quarter 2022 report on July 19, 2022, 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 CFO Tina Hultkvist. An online presentation will also include a Q&A session. Media inquiries can be made for one-on-one calls starting at 10.15 a.m. CEST. Volvo Group, headquartered in Gothenburg, Sweden, offers diverse transport solutions and reported net sales of SEK 372 billion in 2021.
On June 22, 2022, at the Volvo Group's Capital Markets Day, CEO Martin Lundstedt presented significant growth opportunities due to the ongoing technology shift towards electrification. The company forecasts over a 50% increase in vehicle and service revenues per unit through electric offerings. Volvo aims to leverage its first-mover advantage and broaden service offerings while maintaining its financial targets. With rising customer demand for sustainable solutions, Volvo is positioned to lead in the transformation towards electrification and autonomous vehicles, enhancing both profitability and market share.
Volvo Trucks is testing hydrogen-powered fuel cell electric trucks that produce only water vapor, aiming to decarbonize transport. The trucks have a range of up to 1,000 km and a refueling time of under 15 minutes. This marks a significant addition to Volvo's offerings, which currently include battery electric trucks and renewable fuel options. Commercialization is expected in the latter part of this decade, with the fuel cells supplied by cellcentric, a joint venture with Daimler Truck AG. However, challenges like the supply of green hydrogen and refueling infrastructure remain.
Volvo Trucks has become the first truck manufacturer globally to introduce fossil-free steel into its trucks. This steel, produced by Swedish company SSAB using innovative hydrogen-based technology, significantly reduces climate impact compared to traditional methods. The initial implementation will occur in heavy-duty electric trucks, starting in Q3 2022. Currently, 30% of a new Volvo truck's materials are recycled, with a goal to utilize more fossil-free materials, aligning with the commitment to achieve net-zero greenhouse gas emissions by 2040.
Volvo Group will host its Capital Markets Day on June 22, 2022, in Gothenburg, Sweden, where executive management will present the key elements of the company's transformation plan leading to 2030. CEO Martin Lundstedt emphasized the rising demand for sustainable transport and infrastructure solutions. The event will be streamed live and aims to foster interaction between management and attendees. Limited seating is available for institutional investors and analysts, with a registration deadline of June 1.
Volvo Trucks has inaugurated its first battery assembly plant in Ghent, Belgium, dedicated to producing batteries for its electric heavy-duty trucks. This investment aligns with the company's goal to have at least 50% of its truck sales be electric by 2030 and achieve carbon neutrality by 2040. The plant will assemble battery packs from Samsung SDI, with production set to begin in Q3 2022. Volvo Trucks plans to offer six electric truck models, emphasizing shorter lead times and sustainability through remanufacturing and renewable energy usage.
The Assar Gabrielsson Foundation awarded scholarships to Angela Molinaro and Emilia Alfonzo Rodriguez for their research at the University of Gothenburg. Each recipient will receive SEK 100,000 as additional research grants. Molinaro's work focuses on PI3K signaling related to cancer treatment, while Rodriguez's research involves screening and surgical methods for cervical and vaginal cancer. The awards highlight the Foundation's ongoing support for promising cancer research since its establishment in 1962, aligning with Assar Gabrielsson's legacy as one of Volvo's founders.
The Volvo Group reported strong financial results for Q1 2022, with net sales rising by 12% to SEK 105.3 billion. Service growth surged by 19%, driven by increased business activity and a growing service contract portfolio. Adjusted operating income increased to SEK 12.7 billion, though the operating margin decreased slightly to 12.0%. Reported operating income was impacted by a SEK 4.1 billion provision related to Russia. Despite these challenges, the return on capital employed improved to 25.3%.
The Volvo Group will release its first quarter 2022 report on April 22, 2022, at 7.20 a.m. CEST. A conference call for press and analysts will begin at 9.00 a.m. CEST featuring President and CEO Martin Lundstedt and CFO Tina Hultkvist. An online presentation will also be available at the same time, including a question-and-answer session. Volvo Group, headquartered in Gothenburg, Sweden, had net sales of SEK 372 billion in 2021, employing nearly 95,000 people across more than 190 markets.
Volvo Group has suspended all operations in Russia due to the war in Ukraine, affecting approximately SEK 9 billion in total assets. Out of this, SEK 6 billion comprises cash assets that could be recouped over time. The company anticipates a SEK 4 billion negative impact on operating income for Q1 2022, primarily within Financial Services. In 2021, Russia accounted for about 3% of the Group's net sales. The firm expresses sympathy for those affected by the conflict.
