Hyperdrive
Volvo Cushioned by Strong Truck Orders Ahead of Weaker 2024
- Manufacturer gets boost from pent-up demand after supply snags
- Europe truck market seen down 15%, North America down 12%
Electric trucks outside the Volvo Trucks Tuve plant in Gothenburg, Sweden.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Volvo AB continued to get a boost from pent-up demand during the third quarter, while the Swedish truckmaker expects markets to weaken from a high level next year against a tougher economic backdrop.
Demand has started to normalize from high levels with new order intake down 27% in the three months through September, the company said Wednesday. Volvo is sitting on a high backlog of truck orders after supply bottlenecks reduced output, and the manufacturer forecast its major markets to be firm for the rest of the year.