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Mixed results for Renault and Volvo
Page 7
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• Renault's truck manufacturing subsidiary, Renault Vehicules Industriels (RVI), has reported a hefty rise in 1988 consolidated group profits to Eh1.2 billion (11L3 million) from FEr182 million in 1987.
In the world market RVI now ranks second behind Daimler-Benz.
The success story falters in the UK where RVI's international affairs director Shemaya Levy says a market share of 6.8% is not good enough and must be improved (CM 16 February).
0 Volvo made record 1988 fourth-quarter operating profits, up 55%, despite a poor showing by the car division.
Truck division profits rose by 65% to some £243 million in 1988 and sales were up by 27% to over £2 billion.
Volvo's acquisition of Leyland Bus helped boost the Swedish company's bus division operating profits by 64% to 27 million.
Profits at the car division fell by 16% last year, despite a 2% rise in sales. This was said to be due to a protracted strike and major investment in product development.