Jul 03, 2009 06:14 ET
Volvo Secures Record Truck Order in India
STOCKHOLM, Sweden --(Business Wire)-- Jul 03, 2009
Volvo (STO:VOLVA) (STO:VOLVB) Trucks in India has secured an order for
125 trucks. It is the company’s largest order since being established in
the country.
Vijay Leasing Company in Hyderabad, India is the company purchasing 125
Volvo FM trucks. The trucks will be delivered in the summer of 2009 for
use in coal and steel mines in southern India. Vijay Leasing Company
already owns 108 Volvo trucks.
In Volvo Trucks’ full ten-year presence in India, this is the largest
order ever and a milestone, according to Pär Östberg, member of Volvo’s
Group Executive Management and President of Trucks Asia. There are a
total of 5,500 Volvo trucks in India, which is the world’s fourth
largest truck market.
“In India, Volvo Trucks belongs to the premium segment and has secured a
place as the leading manufacturer in terms of safety and environmental
responsibility”, says Pär Östberg. “We have a solid customer base, very
strong customer relationships and the best aftermarket solutions”.
He is cautiously optimistic about the Indian truck market and views the
order as a sign that the vehicle market in India may be on the rise.
“We are observing positive signs of a recovery regarding light trucks
and buses. In terms of heavy trucks, the market is still declining but
at a slower rate.”
The sale is being conducted through VE Commercial Vehicles, which is a
joint-venture launched in 2008 between Volvo and the Indian company,
Eicher Motors. VE Commercial Vehicles comprises Eicher Motor’s trucks
and buses, and the Volvo Group’s truck sales and service network for
trucks and buses.
July 3, 2009
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The Volvo Group is one of the world’s leading manufacturers of trucks,
buses and construction equipment, drive systems for marine and
industrial applications, aerospace components and services. The Group
also provides complete solutions for financing and service. The Volvo
Group, which employs about 100,000 people, has production facilities in
19 countries and sells their products in more than 180 markets. In 2008
annual sales of the Volvo Group amounted to about SEK 300 billion. The
Volvo Group is a publicly-held company headquartered in Göteborg,
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AB Volvo (publ) may be required to disclose the information provided
herein pursuant to the Securities Markets Act. The information was
submitted for publication at 12.00 a.m. CET, 3, July, 2009.
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AB Volvo
Mårten Wikforss, Press Contact
Tel +46 (0)31-66 11 27