Volvo CMD 2026: First impressions – growth ambitions intact, Autonomy the stand-out

Research evidence excerpt

Volvo CMD 2026: First impressions – growth ambitions intact, Autonomy the stand-out

J P M O R G A N Europe Equity Research

10 June 2026

Volvo Overweight

VOLVb.ST, VOLVB SS

CMD 2026: First impressions – growth ambitions intact, Price (09 Jun 26):Skr321.80

Autonomy the stand-out Price Target (Dec-27):Skr360.00

Volvo's 2026 CMD centred on three strategic pillars: earnings resilience, European Autos & Auto Parts

ACaccelerating growth, and total shareholder return. The group outlined ambitions to Akshat Kacker, CFA

outperform historical growth rates in both Trucks and Construction Equipment, (44-20) 7134-6775

whilst identifying several discrete growth vectors: Volvo Autonomous Solutions akshat.kacker@jpmorgan.com

is targeting ~$3bn in revenues within five years – the stand-out disclosure of the J.P. Morgan Securities plc

day, in our view, and a materially under-appreciated opportunity; 25% Trucks’ Jose M Asumendi

market share target in North America; Renault Trucks aims to double its light-duty (44-20) 7742-5315

jose.m.asumendi@jpmorgan.com

business (~15bn SEK, or ~3% of industrial sales); Volvo Penta targets a doubling J.P. Morgan Securities plc

of revenues (~20bn SEK, or ~5% of industrial sales); and Volvo CE is focused on

Piyush Singla

improving its organic growth trajectory to a 5-6% revenue CAGR to 2030). On the (91-22) 6157-3324

trading update, the business remains robust, although cost inflation is picking up. piyush.singla@jpmorgan.com

Encouragingly, the JV drag on group results is expected to improve from -150 to J.P. Morgan India Private Limited

-200bps to -100 to -150bps. Taken together, the CMD reinforced our conviction

Specialist Sales contact details:that autonomous trucking represents the most compelling and least-priced-in