Trucks drive on Asian high - ResearchInChina
Date:2008-09-18
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VOLVO AB, the world's second-largest truck maker, said yesterday that August deliveries rose 4 percent as Asian demand more than compensated for weaker United States and western European sales.
The manufacturer sold a total 14,849 trucks under its Volvo, Nissan Diesel, Renault Trucks, Mack and Eicher brands, up from 14,277 a year earlier, the Gothenburg, Sweden-based company said in a statement.
"The increase in August is mainly driven by higher volumes in Asia and eastern Europe" that helped Volvo's namesake brand increase sales 6 percent, the company said. Group deliveries rose 48 percent in Asia and 10 percent in eastern Europe.
Truck makers are relying for growth on emerging economies, which have so far resisted the worst of slowdowns afflicting mature markets. European car sales last month plunged the most in nine years, the industry's main regional body said yesterday. China's sales of cars, trucks and buses may rise almost 14 percent in 2008, though the country's industry group said yesterday that deliveries may miss a 10 million-unit forecast.
Volvo fell as much as 1.1 percent to 65.5 kronor (US$9.65) and was down 0.8 percent as of 11:09am in Stockholm trading. The shares have declined 40 percent this year.
The Renault Trucks unit, acquired in 2001 from the French car maker that shares its name, reported an 18 percent sales drop to 2,933 vehicles. Group sales in Europe fell 10 percent to 5,000 trucks because of a 17-percent decline in western Europe.
North American sales tumbled 18 percent to 1,901 units, with US truck maker Mack reporting a 19-percent drop in the region. The decline reflects "a more pronounced softness in housing construction," the company said.
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