Volvo has posted a surprise jump in first-quarter orders and said it is going to step up production thanks to a more stable market.
The statement from the world’s second latest truck maker adds to signs that a protracted slump in its key markets – like Europe – may be coming to an end.
The Swedish group, which makes heavy-duty lorries under various names – including Renault and Mack – said orders rose 11 percent year-on-year with a big uptick in March which continued into April.
Analysts has forecast a 15 percent fall.
“We saw this big uptick in the order intake come in at the end of the quarter,” Chief Executive Olof Persson told a news conference.
“The uncertainty we had in the market during the second half of last year and in the beginning of this year has been replaced with more stability and our customers had more confidence to actually place orders.”
Volvo’s comments come after domestic rival Scania reported a 28 percent rise in orders earlier this week, and world No. 1 Daimler Trucks forecast a slight rise in 2013 sales.