Volvo Q2: Worst-ever Quarterly Loss

Volvo Group has issued its Q2 figures and one thing is certain, this is Volvo’s worst-ever Quarterly Loss as sales were down by a third. Volvo, who is the world’s second largest truck maker behind Daimler, is optimistic that the market is now beginning to stabilize.

Volvo have reported losses of 5.56 billion Swedish krona, that’s around $720 million, analyst had predicted that the company’s loses would have been 53.96 billion Swedish krona. Volvo Group had earned 5.15 billion krona in the same period in 2008, which was when the company was owned by Ford.

According to Market Watch, Volvo has said that a 57% drop in truck deliveries, as well as increased credit losses and a number of other factors has hurt them. The company has added that order numbers are up from its Q1 levels.