The parent to Volvo Trucks North America, Sweden’s Volvo Group (VOLVY), saw its second quarter net income double from a year ago, due in part to increased North American sales.
It reported a profit of 5.2 billion kronor, equivalent to about $600 million. Revenue increased 17% to 84.8 billion kronor, or about $10 billion (which includes sales of buses, construction and marine equipment as well as trucks).
“Our view of the market development for trucks remains largely unchanged,” said Jan Gurander, acting president and CEO. “We are seeing a gradual recovery in Europe and unchanged demand in Asia, apart from the lower level of demand in China. In North America, there is a slowdown from high levels, while there has been a strong decline in the Brazilian market.