Economics
Volvo Expands Truck Building Into Fast-Growing East Africa
- Swedish truckmaker to build regional plant, warehouse in Kenya
- Kenya, Tanzania and Uganda to grow faster than Africa average
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Volvo AB’s trucks division is seeking to boost market share in Kenya, Uganda and Tanzania to as much as 18 percent from about 2 percent, as the East African region’s economic growth outpaces the sub-Saharan Africa average.
The Swedish maker of trucks and construction equipment agreed to partner with Kenyan car dealer NECST Motors to set-up 20 new workshops across the region, a parts warehouse and an assembly line for Volvo trucks in Kenya’s port city of Mombasa, Volvo Trucks President Claes Nilsson said on Thursday. That followed Volvo’s announcement that it will start assembling cars in India later this year.