INTERNATIONAL - Swedish heavy vehicle maker Volvo yesterday reported record revenue for 2017 and strong growth in the fourth quarter driven by strong demand in many markets, including Europe, amid good freight volumes and low fuel prices.
Fourth quarter net income rose 2.4percent year-on-year to 4.9billion kronor (R7.43bn), according to the group, which excludes the brand’s China-owned car division.
Net sales in the quarter rose 11percent to 91.7bn kronor. The group said it delivered 59814 trucks in the quarter, up 18percent year-on-year. Truck orders rose by almost one-third in the quarter to 69587 trucks on healthy demand in Europe, the US, China, India, and Volvo also saw a rebound in Brazil.