Volvo sticks to forecast of shrinking Europe market

Abu Dhabi. Volvo AB is making no change in its outlook for the European truck market this year, chief financial officer Anders Osberg said today, reports Bloomberg.

The company’s sales in the Middle East are likely to rise 30% by 2015 in all the manufacturer’s product ranges, Osberg said.

Volvo said in October that the European heavy-truck market will shrink by 10% in 2012 from the 240,000 vehicles forecast for 2011.