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Volvo trucks hit by surprise sales decline

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Volvo trucks hit by surprise sales decline

Swedish heavy trucks producer Volvo AB, the second largest globally, has posted a surprise dip in truck deliveries last month, as the maker was impacted by an economy slowdown in the European, South American and Asian regions.

Although a Reuters poll of analysts predicted an average rise in shipments of 4%, Volvo managed to negatively offset the forecasts, as sales of Volvo, Mack, UD Trucks and Renault trucks went down 9% year-over-year.

“Russia has pulled down the whole of eastern Europe,” Volvo spokeswoman Kina Wileke said. “It is the unstable political situation and then the whole Russian economy is weak. The US has a strong economy at the moment with demand in the transport sector, activity in the building sector and then the US has been pulled down by ageing fleets and those are now starting to be replaced,” Wileke added.

The company said that Europe’s strong deliveries last year – ahead of the introduction of new emissions standards, as well as certain sluggish economies (besides Russia) affected the region’s figures. The European sales went down 17%, while shipments to South America dropped 36%, mostly due to Brazil, where Volvo also shut down its production during the World Cup. North America was the only bright spot, with a growth of 21% over 2013’s July.

Via Reuters

by Aurel Niculescu (my Google+) - Friday, August 22nd, 2014 - filed under Industry, News, Sales Reports, Volvo. Image credit: .
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