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Slower sales predicted
Page 5
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I Despite enjoying a good year for registrations in 2002, truck manufacturers are jittery about sales in 2003 as the UK economy slows down and war with Iraq looms.
Stuart Hunt, managing director of Oaf Trucks UK says: "Economic uncertainty may hamper recovery in business spending, leaving consumers to lead the way. The biggest uncertainty remains the effects of Messrs Bush, Blair and BinLaden."
Daf is already predicting a 5-8% drop in registrations this year to 48-50,000 units. Speaking at the company's annual 'State of the Nation' press conference last week (see page 12), Ivaco Ford's director of commercial communications Nigel Emms declared: If it's 'yes' to war, we can expect an economic slowdown-prolonged uncertainty prior to a conflict, or a prolonged war itself would be highly damaging and reduce economic activity accordingly."
And he adds: "If it's 'no' to war then, according to Gordon Brown, we can look forward to an improving economy, fuelled by borrowing to fund increased public spending." Despite that more positive scenario. Iveco Ford is also forecasting a 10% drop in truck registrations over 3.5-tonnes in 2003 to some 46,700.
• Iveco says that the decision to sell off Fraikin, its contract-hire division, follows changes to accountancy reporting rules post-Enron, which has meant that debt on a finance company is now on the Iveco Group's balance sheet.