Growth likely to be flat this year: Volvo
With the domestic market for heavy duty trucks shrinking by about 50% in the first five months, Volvo, the world’s second largest heavy duty truck makers expects to have flat growth for its premium truck segment in the country this year, according to Somnath Bhattacharjee, president, Volvo Trucks India.
He added that the company had witnessed a marginal dip in the first five months of the year. “The marginal dip was in April and May this year. Till March and then in April-May, due to the general elections, our growth was low because most of our sales are for large corporate and contract driven,” he said.
Bhattacharjee however clarified that the sluggish market conditions during the general elections could not be termed as a slowdown. “The award for the contracts before general elections was deferred. It was not a slowdown but deferment of purchases which are now catching up in June and July," he stated.