Volvo swings to quarterly loss amid weak truck market
Swedish truck maker Volvo said that it swung to a fourth-quarter loss of 1.3 billion Swedish kronor. Last year, the firm posted a profit of 4.0 billion kronor. Sales declined to 77 billion kronor, from 84.6 billion kronor last year. The truck market was weak in all of the group's primary markets of Europe, North America and Japan, resulting in lower order intake, the firm said.
It added that, due to the market situation, it is difficult to make an assessment of truck market trends for 2009 but it doesn't expect a recovery in demand during the first half of the year. "In the coming quarters, Volvo Group will be characterized by the adaptation to a new, lower cost level," said CEO Leif Johansson.
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