Slowdown in Europe. Nearly a shutdown!
Volvo, Scania Miss Profit Estimates, Cut Truck Output (Update2)
By Chad Thomas and Marco Bertacche
Oct. 24 (Bloomberg) -- Volvo AB, the second-largest maker of heavy trucks, and Scania AB reported lower-than-anticipated earnings and said they'll cut production after industrywide European sales fell for a fifth straight month.
Volvo plunged the most in at least 19 years in Stockholm trading. The Gothenburg, Sweden-based company won just 115 European orders in the third quarter, down from 41,970 a year earlier. Soedertaelje, Sweden-based Scania slipped 8.9 percent to a four-year low. ...
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