Volvo Truck deliveries plunged 63% last month as the fall in demand across all its main markets due to the global downturn increased.

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Volvo, whose brands also include Renault, Nissan Diesel and Mack, said in a statement it delivered 9,196 heavy-duty trucks in April, down from 24,616 a year ago.


The decline was steeper than the 51% annual fall in the first quarter of 2009.


“I hadn’t expected it would quite so bad,” Erik Penser analyst Kenneth Toll Johansson told Reuters.


“They are running their production below deliveries, so the production rate must be down somewhere around 70-80% and that is hitting profitability hard.”

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Volvo, after reporting a wider-than-expected loss in the first quarter, is in the midst of cutting thousands of jobs to adjust to what it has described as the steepest ever decline in market demand.


Volvo’s April shipments fell 69% year-on-year both in Europe, its biggest market, and in North America, while deliveries in Asia were down 54%.


“The utilisation rate in the operators’ truck fleets has decreased, and the truck industry as a whole has too high inventories of both new and used trucks,” Volvo said of the European market.


“This will continue to impact the production of new trucks in the coming months with a very low capacity utilisation in the industrial system as a consequence.”


Volvo has forecasting that the European heavy-duty truck market would halve or more this year while the North American market is seen falling 30 to 40% from the already low levels recorded in 2008.