UBS maintains a neutral stance on AB Volvo, Europe"s leading truck manufacturer and the third largest globally. In 2023, truck sales accounted for 66.3% of revenue, with 246,272 vehicles sold, while construction equipment sales made up 18.7%. The company also ranks as the world"s second-largest bus manufacturer, with geographical sales distribution of 42.8% in Europe, 29.8% in North America, and smaller shares in Asia, South America, Africa, and Oceania.