Second quarter 2001
Two separate series of events currently dominate the Volvo Group. One is a long-term program to create a more competitive strategic structure. The other consists of more immediate measures to adapt operations to the prevailing business climate. Structural work is proceeding according to plan. Although operating income remains clearly unsatisfactory, a number of promising trends were noted during the second quarter. Growth is strong in some parts of the Group. We are gaining market share. Volvo Aero and Volvo Penta continue to deliver strong performance. In addition, the focus on cash flow resulted in a significant improvement compared with the first quarter and with the corresponding period in 2000.