The Volvo Group is Europe’s no. 1 (24% market share) and global no. 6 manufacturer of heavy trucks (2009), including brands like Volvo, Renault, Mack, and UD. In addition to the truck division, which comprised 63% of revenues in 2010 and historically ~66% of Group EBIT (avg. 2006-10), Volvo provides products such as buses, construction equipment and financial services for customers. The demand for heavy truck capacity correlates strongly with the development in GDP, making Volvo’s businesses very cyclical. The heavy truck industry was severely hit by the financial crisis, which was reflected in Volvo’s 2009 results. Registration of heavy trucks in Volvo’s main markets, North America, Japan and Europe were down by 38%-49%. Due to a strong home market, four Chinese competitors surpassed Volvo and reduced Volvo’s position from global no. 2 to no. 6 in terms of heavy truck production in 2009. However, in 2010 recovery was seen in main markets (except from JP), and further improvements are expected for 2011. In South America (Brazil), a booming market, deliveries were up 71% in 2010.