Swedish truck makers Volvo Group, which is a separate entity from Volvo Cars, celebrated another three months of record sales as it posted its second-quarter results on Thursday.
“Demand in our main markets was solid,” said CEO and President Martin Lundstedt, “and both our vehicle and service business continued to grow at a good pace.”
Volvo Group said its net sales increased by 18 percent to 104 billion kronor in the second quarter and the company's adjusted operating income rose by three billion to 11.5 billion kronor.
“This is the first time that the Volvo Group's sales have exceeded 100 billion kronor in a single quarter and it is also the first time the operating margin is above 10 percent,” said Lundstedt.
He said the company was well positioned to weather out the US trade war, but said steel and aluminium tariffs had increased costs at the point of production, which in turn meant added costs for its customers.
“We are a very global company doing business in more than 190 countries. We rely on functioning trade systems and are great advocates of free trade,” Lundstedt told Swedish newswire TT.