Volvo Group - Report on first six months 2002
The first quarter was characterized by model changes, which was completed during the second quarter and the new models within Volvo Trucks are now in full production. Volvo CE also went through an extensive changeover although on a smaller scale, and production is now running at a high level to respond to the strong customer demand for these new product ranges. Business conditions continue to develop in different directions for the Group's business areas, with the exception of the markets in Asia and Eastern Europe where the entire Group has a very strong development. Cash flow improved mainly due to favorable development of working capital and lower investments in fixed assets. Turn-around efforts in Buses resulted in positive operating income, and two large and profitable orders were secured for the Mexico plant.