Shaggieman

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  • Wall Street Breakfast: Must-Know News
    Everyone knows the economy is weakening but Volvo's truck order book stunned me. I had to read this twice to make sure I had it right. Capex is imploding. From Bloomberg:

    “In the third quarter of 2007, Volvo AB booked 41,970 European orders for new trucks. Guess how many prospective purchases Volvo, the world’s second-biggest maker of heavy rigs, received in the third quarter of this year?

    “Here’s a clue. Picture a highway gridlocked by 41,815 abandoned trucks – because Volvo’s order book got destroyed to the tune of 99.6%, with customers signing up for just 155 vehicles in the three-month period, the Gothenburg, Sweden-based company said last week.


    “The pathogen that has fatally infected swathes of the banking industry is now contaminating non-financial companies. ‘We’re heading toward the sharpest downturn I’ve ever seen in Europe,’ said Chief Executive Officer Leif Johansson.


    “Volvo has company. Daimler AG, the world’s biggest truckmaker, said earlier this month that its US deliveries slumped by a third in the first half of the year.”

    Nov 04 09:57 am |Rating: 0 0 |Link to Comment |View article

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