Christian Levin, president and CEO, said: “Scania managed to deliver strong earnings and an operating margin of 13% and we saw that the hard work with the cost structure that was carried out last year is paying off.”

Net sales amounted to almost SEK36bn during the first quarter of 2021, an increase of 8%. Vehicle deliveries rose by 27% and service revenue increased by 5%. Deliveries of Power solutions decreased by 12% compared to last year’s high level. In Financial Services, the number of new financed vehicles increased and customers’ ability to pay according to plan continued to improve.

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Operating income increased by 55% to SEK4,657m. Operating margin was 13% (9.1%).

The shortage of semiconductors and other components is impacting the entire industry. Despite an imminent risk of production disruptions Scania, as one of the few European manufacturers, has managed to maintain a high production rate without any stoppages due to shortage of components in the first quarter. This is thanks to intense and successful cross-functional efforts in close collaboration with suppliers. In the European system the daily production pace for trucks is slightly reduced during a few number of days in the second quarter, as a temporary measure to handle the shortage of semiconductors.

After last year’s uncertainty due to the pandemic, the recovery in demand has continued to be strong during this quarter.