Volvo Truck's CEO believes that the European truck market has bottomed, but that recovery will be slow.

In comments to Reuters Leif Johansson said that the European truck market had reached a floor around the start of the third quarter.

He also said market conditions in Europe were unlikely to worsen from very low levels.

Volvo Trucks said last month that deliveries on the first eight months to European markets decreased by 77% while North American deliveries were down by 53%.

The firm also said that South American markets have been relatively strong in relation to the global economy. The demand for trucks in Brazil has also been boosted by tax incentives for new trucks and good access to financial credits in the bank system.