Volvo Group’s Q1 2023 sales increased in all business areas and in all regions, up 25% to SEK131.4bn, a quarterly record.

Adjusted operating income rose from SEK5.7bn to SEK18.4bn, for a margin of 14% (12%).

“We are in a period when we are investing in battery and fuel cell electric vehicles as well as internal combustion engines in parallel,” said Martin Lundstedt, president and CEO.

The adjusted operating income excluded a SEK1,300m charge for Buses restructuring.