Volvo CE Net Sales Drop 34% in North America for 3Q
“We are living in turbulent times and, like other companies, are feeling the effects of a market slowdown,” CEO says.
machineryasia 
Volvo CE reported a notable drop in North America net sales and net order intake for its third quarter of 2024.
Sales in North America for the quarter came in at $476 million, down 34% from the $726 million Volvo saw in last year’s third quarter. For the first nine months of this year, North American net sales are down 18% year-over-year to $1.74 billion.
Total third-quarter construction equipment net sales from all regions were down 23% to $1.77 billion. North America saw the largest year-over-year decrease in net sales for the third quarter, while Asia the smallest decrease at 7%. Volvo CE’s net sales were down in all regions for the quarter.
Volvo CE’s operating income in North America for the quarter came in at $240 million, which was down 31.5% from $351 million in last year’s third quarter.
The company said its North American market declined due to normalizing replenishment of dealer fleets and somewhat lower customer demand due to repositioning of fleets and higher interest rates. Volvo CE is now forecasting its 2024 North American total market development will be down 5% to 15%.
“We are living in turbulent times and, like other companies, are feeling the effects of a market slowdown,” said Melker Jernberg, head of Volvo CE. “But we are maintaining our leading position with a strong portfolio, the continued roll-out of new products and services and our steadfast commitment to the industry transformation. “
This year, Volvo CE has unveiled its largest soil compactor, an electric wheel loader and an electric crawler excavator for the North American market.
Volvo also expanded its facilities in Arvika, Sweden, this year to free up space for producing electric wheel loaders.
Volvo CE’s net order intake for North America in the third quarter was down 64% to 774 machines vs. 2,146 in last year’s third quarter. Year-to-date, net order intake in North America is down 38% to 3,626 machines.
North American construction equipment deliveries were down 29% in the third quarter to 1,712 units and were down 28% for the first 9 months of the year to 5,357.
