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Volvo unit expects a better second half
By Richard Fu |
May 15, 2012, Tuesday
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Online Edition
Online Edition
Volvo's construction gear unit said it will be difficult to maintain last year's growth in the China market, but things will improve in the second half.
"About 30 percent of analysts think the economy bottomed out in the first quarter and 60 percent think it may bottom out in the second quarter," said Luo Dong, China president of Volvo Construction Equipment. "Certainly the market will be better in the second half than in the first."
China's excavator unit sales tumbled 41 percent in the first quarter, data from the China Construction Machinery Association showed, as China's economic growth slowed to the least in almost three years. In particular, the government crackdown on the property market curbed construction demand.
Still, Volvo's equipment for the mining industry could be little affected, Luo said today in Beijing at a company-organized contest to promote fuel efficiency among operators of construction equipment.
He declined to give Volvo's sales target for this year.
Qi Jun, chairman of the China Construction Machinery Association, said an upgrade in engines could improve efficiency and cut emission but result in a 30 percent increase in cost.
The industry group is lobbying the government to subsidize users and manufacturers to promote the use of more fuel-efficient machines, Qi said.
"About 30 percent of analysts think the economy bottomed out in the first quarter and 60 percent think it may bottom out in the second quarter," said Luo Dong, China president of Volvo Construction Equipment. "Certainly the market will be better in the second half than in the first."
China's excavator unit sales tumbled 41 percent in the first quarter, data from the China Construction Machinery Association showed, as China's economic growth slowed to the least in almost three years. In particular, the government crackdown on the property market curbed construction demand.
Still, Volvo's equipment for the mining industry could be little affected, Luo said today in Beijing at a company-organized contest to promote fuel efficiency among operators of construction equipment.
He declined to give Volvo's sales target for this year.
Qi Jun, chairman of the China Construction Machinery Association, said an upgrade in engines could improve efficiency and cut emission but result in a 30 percent increase in cost.
The industry group is lobbying the government to subsidize users and manufacturers to promote the use of more fuel-efficient machines, Qi said.
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