Required scale achieved

During the past ten years, the Volvo Group has grown on average 7.4% per year, both organically and through acquisitions. The acquisitions have been carried out in order to establish the Group in new markets and in new product segments, as well as to achieve economies of scale through size. The average operating margin during the period has been 3.9%.

Through its growth, the Group has achieved sufficient size in mature markets with satisfactory market shares. The size facilitates good economies of scale in most product segments.