Volvo says it is unaffected by U.S. bailout collapse

[DainBramaged]

The failure of the U.S. government bailout for the automotive sector has no direct consequences for Ford's unit Volvo Car, a spokeswoman for the Swedish subsidiary said on Friday.

The Swedish government on Thursday presented its own measures, including up to 25 billion Swedish crowns ($3.1 billion) in emergency loans and credit guarantees to aid the nation's auto industry.

"This does not directly affect us. The Swedish government presented its package yesterday and that is what matters for us," said Maria Bohlin, spokeswoman at Volvo Cars.

Sweden's Industry Minister Maud Olofsson told local newsagency TT on Friday that Sweden's aid package will not be revised as a result of the U.S. Senate's decision.

http://www.autonews.com/article/20081212/COPY01/312129807/1193


Sweeden, always way ahead of the curve.

[alittlelark]

1. Civilized Democracies are pretty cool....

I'd like one of my own.

[w4rma]

2. Volvo's market tends to be the higher economic classes who aren't hurting like most are. (nt)

[anigbrowl]

3. And trucks. They're one of the biggest truckmakers

Pretty much every second semi you see in Europe is a Volvo. The others are made by Scania, which is also a Swedish company. Well there's also (Dutch) DAF, but offhand I'd say Volvo and Scania rule the heavy truck market by something like 80%.

[DainBramaged]

4. Volvo trucks have made huge inroads in this country too

I think I read somewhere that one out of every seven new over the road tractors is a Volvo

[malaise]

5. Not really true

They sell loads of buses in developing countries and younger people in the Scandinavian countries buy the Saab.