Volvo Aug shipments surge as economies recover
World number two truck maker Volvo AB said on Wednesday deliveries of its trucks rose 62 percent year-on-year in August as global economic recovery boosted demand for commercial vehicles.
Volvo, which sells trucks under the Renault, Mack, UD Trucks and Eicher brands as well as its own name, said unit shipments rose 94 percent in Europe from a dismal year-ago month and were up 56 percent in North America.
In Europe, demand continues to recover gradually, the Swedish company said in a statement. In response to increasing demand, production is being gradually ramped up in both the European and North American plants.
In Asia, unit deliveries rose 45 percent from a year ago, making the region Volvo's biggest market in August, though the firm generally has considerably higher margins on both sides of the Atlantic.
Truck markets across the world suffered their steepest plunge in decades last year as the global financial crisis ended years of easy credit to fund vehicle purchases and pressured economies across the world.
The highly cyclical heavy-duty truck market has stabilized in recent quarters amid a broader economic recovery, with demand recovering from lows hit during the crisis, led by strong growth in emerging markets of Asia and Latin America.
Volvo's deliveries are up 35 percent year-on-year in January through August.
(Editing by David Holmes)