Volvo’s Q4 results show worldwide net sales increases of 6% compared with the same period in 2019.
However, full year net sales dropped by 8% compared with the previous year. And North America net sales saw a 25% drop in 2020 compared to 2019.
Volvo says it saw demand recover in the second half to the year after a steep drop prompted by the Covid-19 pandemic. Prior to November, both the North American and European markets saw decreases of 14%. In other global markets, government stimulus measures fueled a sharp 28% recovery in China; the South American market rose 12%, primarily the result of the Brazilian market.
“Construction activity is now back on a par with pre-pandemic levels, and this is giving confidence to customers, which is visible in our strong order intake,” says Melker Jernberg, president of Volvo CE.
Volvo’s global net order intakes increased by 31% in Q4, the result of improved market activity and dealer restocking. This did not extend to North America, however, which dropped by 18% in net order intakes compared to the same period in 2019.
In the fourth quarter Volvo CE began deliveries of its electric compact wheel loaders and compact excavators.