Volvo Group (trucks) Q1 2021 net sales increased 3% year on year to SEK94.0bn (SEK91.4bn). Adjusted for currency movements, net sales increased by 13%.

Adjusted operating income was SEK11,821m (SEK7,140m) for an adjusted operating margin of 12.6% (7.8%).

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Reported operating income was SEK12,067m vs SEK7,374m.

Currency movements had a negative impact on operating income of SEK1,125m.

Earnings per share was SEK4.35 (SEK2.30).

During the quarter Volvo Group and Daimler Truck launched a fuel-cell joint venture call Cellcentric. On 1 April , Volvo Group and Isuzu Motors closed the deal selling UD Trucks (once Nissan Diesel) to the Japanese company.

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The shortage of semiconductors impacted Q1 production, Volvo said without elaborating.

“The first quarter of 2021 was characterised by high activity among our customers, which was reflected in good demand for both new products and services,” said CEO Martin Lundstedt.