Volvo Trucks has said that deliveries in February declined to 4,512 units, a drop of 49% on the same month last year.
The company said that lower demand is now affecting all markets with the exception of Africa, where the deliveries still were higher in comparison to last year.
Volvo also pointed out that higher North American deliveries in February was due to a relatively low number of deliveries in February 2008 because of a strike in the New River Valley factory.
European deliveries in February were down by 68%, mainly because of a big decrease in deliveries in Eastern Europe, where the decline was 90%.
The current focus, the company said, is on maintaining good customer relationships, taking care of the aftermarket business and on safeguarding cash flow.
Volvo has already cut capacity and jobs to adjust to a rapid and sharp downturn impacting the road freight industry in Europe.
Some analysts believe the European heavy truck market could contract by 50% in 2009.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData