AB Volvo is a provider of commercial transport solutions globally. It manufactures and sells trucks, buses and construction equipment, and offers drive systems for marine and industrial applications. The company also offers logistics solutions, IT solutions, and support services such as roadside assistance, fuel management and driver training.

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The R&D unit focuses on improving the performance of current products and services and connectivity, automation, electromobility and alternative fuels. It also collaborates with external research partners and participates in public research programs to expand knowledge. The company is investing in technological advancements such as automation, electromobility, and connectivity that must be counterbalanced by investments in the advancement of existing technologies. The company employs a six-phase process to manage product development projects, with each phase targeting specific project aspects. These phases are initiated and concluded with a gate, and a pivotal evaluation point that must meet the predetermined criteria for the project's advancement. During the industrialization phase, the industrial system is primed for mass production, leading to the product's launch. Software development follows a similar structured process. A significant portion of investments is directed at low-carbon technology with a projected increase in the future. The transition in the transportation sector will likely feature diverse propulsion technologies, including battery-electric, fuel cell-electric, and lower carbon fuel-powered internal combustion engines. The existing products are expected to generate economic benefits during the transition and remain useful throughout their lifespan. In FY2022, the company spent SEK22,526 million on research and development, which as a percentage of revenue, stood at 4.8% and grew 25% YoY.