After a first and second quarter with record sales and record income, sales growth decelerated much more rapidly than expected during the third quarter, as visible in the reported earnings. The downturn in the economy has been significantly exacerbated by the global financial crisis. The important European market has declined significantly, while North America and Japan continue to show weak demand. In addition, we are seeing indications that the economic climate is also weakening in other parts of the world. Because of the deceleration being so rapid, we haven’t been able to reduce our costs at the same pace, but currently hard work is being performed around the Group in order to adjust operations to the present market situation and to counter the effects of increases in the cost of materials.
-Leif Johansson,CEO
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Press conference 10.00 AM CET
A press conference was held at Spårvagnshallarna in Stockholm at 10.00 AM CET. The Volvo Group was represented by CEO Leif Johansson.
Telephone numbers:
SE:+ 46 (0) 8 506 269 04
UK:+ 44 (0) 207 108 63 03
Replay number:
SE:+ 46 (0) 8 506 269 49, pin code 224740#
(the replay will be available for five working days)
Analyst tele conference 2.30 PM CET
A conference call for analysts was held at 2.30 PM CET. The Volvo Group was represented by the Group Executive Management.
Telephone numbers:
SE:+ 46 (0) 8 566 363 29
US:+ 1 866 676 58 70
Replay number:
SE:+ 46 (0) 8 506 269 49, pin code 224683#
(the replay will be available for five working days)