Q3 2024 Volvo Car AB Earnings Call Transcript
Key Points
- Volvo Car AB (VLVOF) increased its retail deliveries by 3% in the third quarter, outpacing its premium peers and gaining market share in Europe.
- The company's gross margins improved to 20.5% from 19.6% the previous year, driven by lower material costs and enhanced operational efficiency.
- Volvo Car AB (VLVOF) continues to lead in electrification, with almost half of its total sales in the quarter coming from electrified cars.
- The EX30 is among the top three selling EVs in Europe, and the XC60 remains the best-selling plug-in hybrid in the region.
- Volvo Car AB (VLVOF) is making significant progress with its new EX90 model, which features advanced technology and is expected to redefine the premium electric SUV market.
- The company is experiencing a general weakening in demand for premium cars, particularly in key regions such as China and the USA.
- Volvo Car AB (VLVOF) revised its full-year sales growth expectations to 7%-8%, down from the previously guided 12%-15%, due to market turbulence.
- The company anticipates its full-year free cash flow to be in the single-digit negative billions of SEK for 2024, instead of neutral as previously guided.
- There is a slowdown in demand for EVs, attributed to factors such as slower development of charging infrastructure and reduced government incentives.
- Volvo Car AB (VLVOF) faces challenges from macroeconomic factors like higher interest rates and changing consumer sentiment, impacting demand.
Good morning and a warm welcome to the presentation of our third-quarter financial results. We're coming to you from our headquarters in Gothenburg. My name is Ron, I work in Communications. And as always, I'm joined this morning by our Chief Executive, Jim Rowan; and our Chief Financial Officer, Johan Ekdahl.
Like we do on these calls, at the job, Jim in Johan, will walk us through our performance during the last three months after which we'll throw it open for a Q&A. (Operator Instructions)
But I'll come back with more information closer to the call. But for now, I hand the floor to you, Jim.
Thanks, Ron. Good morning, and welcome to our third-quarter financial results. During the last three months, we maintained our operational momentum and demonstrated resilience, even though we are now confronted with a much more turbulent external environment. Let me walk you through the highlights from the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
