Volvo Q1 results hold up despite charge for suspending Russia business

Volvo VNR Electric hauling Maersk Performance Team trailer

Volvo Group posted solid Q1 sales and operating income despite ongoing supply chain interruptions and taking a $423 million charge for suspending its business in Russia.

The Gothenborg, Sweden-based truck, bus and construction equipment maker reported a 12% improvement in net sales to SEK 105.3 billion Swedish Krona  ($11.1 billion). Adjusted operating income was SEK 12.7 billion ($1.34 billion). Adjusted operating margin was 12%. 

Operating cash flow was negative SEK 5.4 billion because of...

https://www.freightwaves.com/news/volvo-q1-results-hold-up-despite-charge-for-suspending-russia-business

March Class 8 orders of 40,000 add to dizzying industry backlog

Demand for new Class 8 trucks continued at an elevated rate in March even though many of the 40,000 bookings have little chance of being filled until 2022 because of a growing backlog and supply chain shortages.

Compared to a year ago when the first wave of COVID was shutting down manufacturing around the world, orders were up 422%. (That is not a typo.) They were down 10% compared to February, according to ACT Research.

Orders for Class 5-7 medium-duty trucks rose 19% over February. Demand was...

https://s29755.pcdn.co/news/march-class-8-orders-of-40000-add-to-dizzying-industry-backlog

Daimler builds 700,000th truck at Mount Holly, North Carolina, plant

Daimler Trucks North America (DTNA) recently built the 700,000th truck at its Mount Holly, North Carolina, assembly plant, marking 41 years of production.

The milestone Freightliner M2 106 extended cab went to towing and recovery equipment maker Miller Industries (NYSE: MLR) based in Ooltewah, Tennessee, DTNA said in a press release.

More than 800 employees at the Mount Holly Truck Manufacturing plant produce the M2 106 and other Freightliner severe-duty truck models. The M2 106 is the industry’s...

https://s29755.pcdn.co/news/daimler-builds-700000th-truck-at-mount-holly-north-carolina-plant

Mexico’s truck production industry struggles in August

Production of heavy-duty trucks in Mexico fell 30% in August, while exports showed a 32% decline, according to data from Mexico’s National Institute of Statistics and Geography (INEGI).

Exports of trucks are recovering slowly, while domestic sales in Mexico are struggling as the coronavirus pandemic continues to affect the economy, said Miguel Elizalde, president of Mexico’s National Association of Producers of Buses, Trucks and Tractors (ANPACT).

“As an indicator of the economy, domestic demand...

https://s29755.pcdn.co/news/mexicos-truck-production-industry-struggles-in-august

Daimler Trucks North America building at pre-pandemic levels

Daimler Trucks North America (DTNA) is building new trucks at pre-pandemic levels, recovering from practically no production and the furlough of 15,000 workers in April.

“Our backlog is into the fourth quarter and we have a lot of orders for 2021,” DTNA CEO Roger Nielsen told reporters during a virtual media roundtable on Monday.

“It’s been a tough year,” he said. “Five months ago today, on St. Patrick’s Day, we were wondering what our business was going to look like.”

The July retail volume of...

https://s29755.pcdn.co/news/daimler-trucks-north-america-building-at-pre-pandemic-levels

Workhorse looks to scale electric truck production (with video)

Workhorse electric truck

Workhorse Group Inc. (NASDAQ: WKHS) hopes to borrow money to scale production of its composite-body electric trucks even as growing interest in its patented truck-based Horsefly  drone could accelerate its business plan.

The Cincinnati-based last-mile delivery company said Wednesday it conducted 54 Horsefly test missions with United Parcel Service (NYSE: UPS) and the Virginia Center for Innovative Technology in late April.

“Interest has ballooned due to the COVID-19 virus, the individual state...

https://www.freightwaves.com/news/workhorse-looks-to-scale-electric-truck-production-with-video

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