AB Volvo has been downgraded to a neutral rating by UBS, with the target price adjusted to SEK 274 from SEK 263. Volvo is the leading truck manufacturer in Europe and the third largest globally.

The company's net sales are primarily driven by truck sales, which account for 66.3% of total revenue. In 2023, Volvo sold 246,272 vehicles under various brands including Volvo, Renault, Eicher, and Mack. Construction equipment sales contribute 18.7% to the company's revenue streams, while financial services account for 4.3%. Volvo is also the second-largest manufacturer of buses and chassis globally, with this segment contributing 4% to its sales. Other revenue streams include parts, control systems, and marine and industrial engines (3.7%), with the remaining 3% coming from other segments.

Geographically, Volvo's net sales are distributed as follows: 42.8% from Europe, 29.8% from North America, 12% from Asia, 8.9% from South America, and 6.5% from Africa and Oceania.