Volvo Faces Great Challenge

Volvo’s President and CEO Leif Johansson announced that the global recession had forced the Group to adapt all of its operations to today’s significantly weaker demand. “The Group’s order intake has dropped substantially in several markets. Demand in Europe has slowed abruptly and the US market has continued to decline from its already low level. Emerging markets in Eastern Europe and parts of Asia have also deteriorated rapidly, as has South America recently,” says Johansson.

Good news also from Volvo says that thanks to the common hybrid technology, the Group has achieved significant economies of scale and can reduce the time for developing new products. Volvo Buses has already received the first order for its new hybrid city buses, with initial deliveries planned for autumn 2009.

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