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Volvo Truck builder sees more difficult market conditions


Truck and bus manufacturer Volvo expects the truck market to be weaker in the coming period than previously thought, due to the continuing economic uncertainty. CEO Martin Lundstedt pointed to the shrinking order book of the Swedish company that almost halved compared to a year ago. Both turnover and profit rose in the third quarter at the group.

Volvo customers in Europe and North America have now modernized and expanded their truck fleet and are now reluctant to invest more, Lundstedt wrote in an explanation of the figures. In addition, many transport companies are struggling with declining demand for the transport of goods. That is a consideration to postpone new orders. Volvo is also seeing declining demand in the parts market. The truck builder scaled down production on several fronts in the past quarter.

Turnover in the third quarter increased to just under 99 billion Swedish krona, equivalent to 9 billion euros. 7.5 billion crowns remained below the line.

Written by: Patrick O'Brien

Patrick O'Brien is a student who is taking only the first steps in journalism. The main interest is events from the world of macroeconomics and finance.

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