Volvo Group - Report on first three months 2001
During the first quarter, the acquisition of Mack and Renault VI was concluded. The Group's truck and engine volumes are thereby doubled, which means that Group sales have increased 55 percent compared with the first quarter of 2000. However, first quarter earnings are clearly unsatisfactory. Global Trucks, Construction Equipment and Buses are seriously affected by the sharp economic downturn in North America. Financial Services' financial performance was also adversely affected due to increased credit losses. The downturn could not be offset by strong performance elsewhere in the world, and the very strong first quarters reported by Volvo Aero and Volvo Penta.