Brazil Demand Could Fuel Big-Truck Rebound
Swedish truckmaker Volvo AB expects the commercial vehicle market to grow 4% to 230,000 units in Europe and 21% to 105,000 trucks in Brazil this year as the global economy recovers.
Volvo has canceled production cuts previously planned for March and April. The company confirms its outlook that the North American market, where it sells Mack trucks, will be stable at 250,000 units in 2013.
Volvo net profit in the fourth quarter of 2012 plummeted 83% year over year to 793 million kronor ($125 million). Revenue dropped 17% to 71.8 billion kronor ($11.3 billion). Group operating income shrank to 1.6% of sales from 8.0% in the final three months of 2011.
The company's deliveries fell 15% to 58,600 trucks in the October-December period as demand slumped in all major markets. Orders slid 6% in Europe, 21% in North America and 20% in Asia. But sales surged 24% in South America because of rising Brazilian demand.
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Ford has made an accomplishment that will never be bested, never even be tied.