In Q1, 2024, sales across all regions have either decreased or remained flat, in line with the expected market downturn. Compared to the strong sales of the same period last year, market demand is softening across the globe, with lower deliveries and order intake in Europe and North America compensated slightly by a stronger performance in Asia.
For the first quarter this year, net sales have dipped by 9% to SEK 22,877 M from SEK 25,109 M in 2023. Adjusted for currency movements, net sales of machines have decreased by 9% and service sales by 3%. Compared with Q1, 2023, a negative brand and market mix was partly offset by price realization and lower material costs.
Meanwhile, deliveries in Q1 were on a par with last year, with a lower performance in Europe and North America offset by China. During the same period, net order intake increased by 4%, largely driven by the China market and the SDLG brand which is rising after the low order intake in the previous year’s first quarter. Overall, order intake for the Volvo brand decreased in line with market development in Europe and North America. Orders in South America increased from a low level in 2023, driven by signs of a recovery in Brazil.
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