Volvo CE records 13% y-o-y increase in Q2 sales

Volvo Construction Equipment reported a 13 % increase in net sales in Q2 compared to the same period last year, owing to higher volumes in North America, Europe, and South America. Net sales increased by 21% year over year after accounting for currency fluctuations. All companies' Q2 year-over-year (y-o-y) results will be compared to the height of the pandemic during the same quarter last year. Except for China, which experienced a slight downturn after its Q1 surge, Volvo CE said all markets increased year-over-year during the quarter. Infrastructure spending and housing construction activity drove a 35 % increase in unit volume in the company's North American markets. A 35 % increase in global order intakes, led by Volvo-brand products, has been attributed to increased consumer confidence and increased infrastructure investment. The slowdown in the Chinese market had an impact on the company's SDLG brand. While maintaining a steady recovery from last year's challenges remains a top priority, Volvo CE president Melker Jernberg said the company's innovation journey has continued this quarter with several exciting launches, including a 50-ton excavator and the first dedicated Fuel Cell Test Lab. Volvo CE told the media that Large and medium-sized machines continue to outsell compact machines. Volvo Construction Equipment, or Volvo CE, is a major international company that designs, manufactures, and markets construction and related industrial equipment. It is a Volvo Group subsidiary and business area. Wheel loaders, articulated haulers, hydraulic excavators, motor graders, soil and asphalt compactors, pavers, skid steers, backhoe loaders and milling machines are among Volvo CE's products. Volvo CE is produced in several countries, including the United States, Brazil, Scotland, India, China, Sweden, France, Germany, Poland, Russia, and South Korea. Image Source Also read: Volvo launches EC530E and EC550E, the company’s biggest excavators