Volvo Truck Loses $423 Million in Third Quarter
The poor performance of the performance is not unrelated to the sluggish state of the European and American markets, but Volvo spokesman said that despite this, the recent market demand has gradually stabilized, especially the Asian market rebound momentum is strong. The turnover of Volvo Trucks in the third quarter plunged by 30% year-on-year. It is worth mentioning that it had a profit of 2 billion kronor in the third quarter of 2008. For the 2009 heavy truck market, Volvo said that it still maintains its previous forecast, saying it will be at least 50% lower than last year. Volvo CEO Johnson said that although the market has stabilized, but their profits do not depend on new products, new product performance "far below" expectations. Therefore, in the next phase, they will continue to work hard to reduce costs for more profits. At the same time, he also mentioned that there are already some signs that the decline in demand has bottomed out and that the market recovery is just around the corner. Analysts revealed that the enthusiasm of this report is not reflected in the data, but that Volvo's positive outlook for the future market, suggesting that the downward trend may even slow down. This is more positive than what they have previously published.
Swedish truck maker Volvo Group announced that its third-quarter net loss was 423 million U.S. dollars (SEK 2.9 billion), which is already the company's fourth quarter of consecutive losses.