Volvo CE’s earnings report for the third quarter of this year has continued the trend seen in the first two quarters: North American net sales and deliveries down but order intake up.
Looking at North America, net sales were down 6% year-over-year to $505 million in the third quarter and down 17% for the first nine months of the year to $1.6 billion. Global construction net sales in the quarter were up 1% to $2 billion and down 5% year-over-year for the first nine months of the year to $6.7 billion.
Net order intake in North America was up 40% in the quarter to 1,086 machines and up 17% for the first three quarters of the year to 4,255 machines. Deliveries in North America, however, were down 21% year-over-year in the third quarter to 1,352 and down 18% in the first nine months to 4,405 machines. Volvo CE attributed this to dealers balancing their inventories.
Volvo CE also reported the North American construction equipment market grew this quarter, driven in part by tax credits, favorable depreciation and anticipation of tariff-related price increases.
Globally, Volvo CE received 10,546 machine orders in the third quarter, down 2% year-over-year; orders for the first nine months were up 16% to 44,442. In the third quarter, 8,099 orders were for large and medium construction equipment (down 5% year-over-year) and 2,447 were for compact construction equipment (up 9% year-over-year).
Equipment deliveries across all regions were down 4% in the third quarter to 11,198 machines but up 6% for the first nine months of the year to 43,693 machines. Deliveries of large and medium equipment were down 11% in the third quarter to 8,357 machines, while deliveries of compact equipment were up 21% to 2,841 machines.
Volvo CE reported 553 fully electric machine orders in the third quarter, up 19% year-over-year. Of those orders, 510 were under the SDLG equipment brand, which the company is selling to Lingong Group. For the first nine months of the year, fully electric machines orders were up 118% year-over-year to 2,623 machines.
Net sales in the third quarter across all Volvo’s business segments were down 5% year-over-year to $11.7 billion; however, this was a 1% increase when adjusted for currency conversions. Total adjusted operating income in the third quarter was down 17% to $1.2 billion.
Currency conversions as of October 20, 2025.
