The Q3 23 figures exceeded the consensus from the top to the bottom line on robust price realization in the Truck segment. Truck order intake, the hottest topic, also slightly exceeded expectations. Volvo also issued 2024 market guidance implying a soft decrease in its key regions, suggesting a controlled cycle downturn. We will raise our FY23 EPS. In addition, this confirms the AV and investor FY24 scenarios. Trucks look to be a safer market than cars, although the valuation is tight.
