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TRUCK MARKETS OPINION * Europe - Volvo: July Deliveries.
London,UK -The World Trucks Blog, by Oliver Dixon -27 Aug 2008: -- AB Volvo's policy of issuing concise, clear delivery reports on a monthly basis is one that we like; it is transparent, and says much about both the health of AB Volvo, and, by extension, the state of the global market(s) going forward... Both brands - Volvo and Renault - are again outpacing themselves in terms of year on year figures; YTD statistics show Volvo putting through 11358 units into Eastern Europe (which includes Russia) against 9958 during the same period last year, whilst Renault has scored 6808 so far this year, over 4776 during 2007. Very good; in sum, AB Volvo has delivered 3432 more trucks into Eastern Europe so far this year than it managed during the same period last year... We say: ... Eastern Europe. It can't decouple from Western Europe, and if Western Europe goes to the wall, then Eastern Europe will follow. And AB Volvo's deliveries? Do we feel foolish? No, but we will refer to the un-named AB Volvo spokesperson who is quoted by Reuters as saying: "The downturn regarding the economic situation in Europe, as well as high fuel prices, continues to affect the truck demand adversely. The demand on the North American market remains at a low level."... AB Volvo might appear to be overdoing the pessimism here... Or is it, in fact, being very cute in managing down expectations ahead of the carnage that we remain convinced will be visited upon the European truck markets - both West and East - as of the fourth quarter? To be in the black at present is a pretty good achievement, and AB Volvo's caution is therefore even more noteworthy...
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