AB Volvo banks on Asia to lift sales
By Maggie Zhang |
May 25, 2010, Tuesday
|
Print Edition
Print Edition
VOLVO Group expects Asia to contribute up to half of its sales within a decade as the region is expected to grow strongly over the period, President and Chief Executive Officer of Volvo Group Leif Johansson said yesterday in Shanghai.
"I expect Asia to grow by double digits which I do not expect from Europe and the rest of the world," Johansson told Shanghai Daily on sidelines of a conference yesterday in the city. "We could well see, in the next decade or so, the size of Asia will grow to (contribute) 40 percent or 50 percent" of sales.
Asia accounts for 21 percent of Volvo Group's net sales in 2009.
Volvo Group, or AB Volvo, makes trucks, buses, construction equipment, marine and industrial power systems as well as aerospace systems. Its business excludes Volvo Cars, a producer of passenger vehicles, which China's Zhejiang Geely Holding Group bought from Ford Motor Co.
In the past 10 years, net sales of Volvo Group in Asia soared a stunning 646 percent compared with a 36 percent growth in Europe and a 13 percent drop in North America.
Volvo Group's net sales dropped 28 percent to 218.4 billion Swedish krona (US$27.9 billion). The group employs about 90,000 employees and has production facilities in 19 countries.
Construction equipment is the biggest business segment for the Volvo Group in China now. It has two joint ventures for buses and one for trucks.
Johansson visited the World Expo yesterday to attend a forum between the Sweden Pavilion and the Chinese Private Enterprises Pavilion.
"I expect Asia to grow by double digits which I do not expect from Europe and the rest of the world," Johansson told Shanghai Daily on sidelines of a conference yesterday in the city. "We could well see, in the next decade or so, the size of Asia will grow to (contribute) 40 percent or 50 percent" of sales.
Asia accounts for 21 percent of Volvo Group's net sales in 2009.
Volvo Group, or AB Volvo, makes trucks, buses, construction equipment, marine and industrial power systems as well as aerospace systems. Its business excludes Volvo Cars, a producer of passenger vehicles, which China's Zhejiang Geely Holding Group bought from Ford Motor Co.
In the past 10 years, net sales of Volvo Group in Asia soared a stunning 646 percent compared with a 36 percent growth in Europe and a 13 percent drop in North America.
Volvo Group's net sales dropped 28 percent to 218.4 billion Swedish krona (US$27.9 billion). The group employs about 90,000 employees and has production facilities in 19 countries.
Construction equipment is the biggest business segment for the Volvo Group in China now. It has two joint ventures for buses and one for trucks.
Johansson visited the World Expo yesterday to attend a forum between the Sweden Pavilion and the Chinese Private Enterprises Pavilion.
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