Supported by strong economic growth and new products, sales rose sharply in 2004 and totaled SEK 201 billion, an increase of 15% compared with 2003. Operating income more than doubled compared with a year earlier, to SEK 14,2 billion. This is the Group highest earnings in history, excluding gains from nonrecurring events.

The truck operations were very strong. Deliveries increased by 48% in North America and 12% in Europe. A total of 193,000 trucks were delivered, which is a record for the Volvo Group. Operating income for trucks more than doubled, to SEK 9 billion.