* Stockholm - Volvo steps on brakes in North America
-- The Swedish company plans to slash production by nearly a third in the region this year as it anticipates a sharp drop in demand, even as it swung to a net profit in the fourth quarter... Volvo, which makes trucks under its Volvo, Renault, Mack and UD brands, cut its forecast for the North American truck market this year to 260,000 vehicles, below a previous forecast of 280,000 units, and down 14% from 302,000 trucks in 2015. The company delivered 64,507 trucks in North America last year... Volvo Chief Executive Martin Lundstedt in an interview said, the four-year restructuring program targeting 10 billion kronor in annual savings by the end of 2016 lifted earnings in the fourth quarter and helped Volvo catch up with more profitable competitors such as Volksvagen AG’s Scania AB... The steeper-than-expected downturn lying ahead in North America represents a big challenge for Volvo at a time when the Gothenburg-based company is also faced with the collapsing sales of its construction-equipment unit in China and a slowdown in Brazil... Volvo said it expects the Chinese market for medium and heavy-duty trucks to reach about 750,000 vehicles in 2016, up from a previous forecast of 720,000...
(PHOTO: REUTERS) -- Stockholm, Sweden - Reuters/The WSJ, by CHRISTINA ZANDER - Feb. 5, 2016Labels: truckmakers news Sweden
![[Valid Atom 1.0]](valid-atom.png "Validate my Atom 1.0 feed")
0 Comments:
Post a Comment
<< Home