Volvo truck sales plunge 99.7%
The depth of the recession was revealed today as truckmaker Volvo admitted demand across the Continent has crashed by 99.7% as it took orders for just 115 new lorries in the last three months.
Driven down: sales of Volvo trucks have dipped a staggering 99.7%
That compares to orders totalling 41,970 in the third quarter of 2007. Global orders for Volvo slumped 55% in the last three months while rival Scania said its western Europe truck orders collapsed by 69%.
Volvo, which also makes trucks under the Renault and Mack brands, reported a 37% plunge in third-quarter earnings to £230m.
'The downturn in the economy has been significantly exacerbated by the global financial crisis,' the company said. 'The important European market has declined significantly while North America and Japan continue to show weak demand.'
Volvo indicated that there could be thousands of job losses. It has already said 1400 jobs are going, and yesterday revealed that 850 jobs would be axed in its division making heavy construction vehicles.
• Correction: Volvo is not, as stated intitially in this report, a majority shareholder in Scania.
Most watched Money videos
- German car giant BMW has released the X2 and it has gone electric!
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Iconic Dodge Charger goes electric as company unveils its Daytona
- How to invest for income and growth: SAINTS' James Dow
- Dacia Spring is Britain's cheapest EV at under £15,000
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- Steve McQueen featured driving famous stunt car in 'The Hunter'
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Mail Online takes a tour of Gatwick's modern EV charging station
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Mini unveil an electrified version of their popular Countryman
- Czech Sphinx launches audacious swoop on troubled Royal Mail
- AJ Bell shares jump as it tops 500,000 DIY investors with...
- French owner of Gatwick to buy majority stake in...
- EasyJet narrows winter losses as holiday demand...
- Is the child benefit state pension trap claiming MORE...
- Is coin minting about to become another lost British art?...
- Hipgnosis agrees £1.1bn takeover deal by Concord Chorus
- Neil Woodford reemerges online in 'finfluencer' role...
- Some drivers are forced to choose between buying food or...
- MARKET REPORT: Luxury stocks sparkle as LVMH sales soothe...
- Liontrust boss blames unloved UK stocks for £6bn fund exodus
- Hands off the King's head: We must resist this assault on...
- Bank of England boss Andrew Bailey forecasts big...
- BUSINESS LIVE: EasyJet winter losses narrow; Hipgnosis...
- Saga cruises sails back into the black as passenger...
- Musk's £45bn payday goes to a vote just months after the...
- Deliveroo returns to order growth as international trade...
- Hedge funds betting against UK water firms as debt levels...