Strengthened presence in Asia and South America

In recent years, the Volvo Group has strengthened its position in important growth markets in Asia and South America through a combination of organic growth and acquisitions. Among the acquired companies are UD Trucks in Japan, Lingong (70% ownership) in China and VE Commercial Vehicles (50% ownership) with its Eicher brand in India. During 2010, 19% of the Industrial Operations' net sales were generated in the BRIC countries (Brazil, Russia, India and China). Altogether, the markets outside Western Europe and North America accounted for 48% of net sales in the Industrial Operations during 2010.