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Business & Economy

Volvo Shows Huge 4th Quarter Loss

Published fredag 5 februari 2010 kl 10.27
CEO Leif Johansson with a hybrid Volvo truck

The Volvo Group has posted a staggering fourth quarter loss of 387 million US dollars, news agency TT reports. Leif Johansson, the head of the Swedish bus and truck manufacturer, came with a tempered response: demand “is still weak on our main markets.”

The loss is even higher than the same period last year, when Volvo showed a 336 million dollar set-back.

But CEO Leif Johansson sees glimmers of a recovery in sight. Orders jumped 19 percent between the third and fourth quarters of 2009.

"The market had probably already turned around by the first half of 2009, and now we find ourselves in the midst of a recovery," he told TT.

The Volvo Group is separate entity than Volvo Cars, which is in the process of being sold to Chinese Geely by US owner Ford Motors.

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