Scania looks forward to Russian growth

At Scania's Capital Markets Day on Wednesday, Chief Executive Leif Östling said that the financial markets had not realised that a shift in the global economy had taken place.

With the fall of the Soviet Union, Eastern Europe and Russia had become increasingly important markets for the Swedish truck maker.

According to Östling, the USA’s significance in the world economy will decline and instead there will be icnreased growth in Europe and Asia, markets where Scania already enjoys a large share.

He singled out Russia as Scania’s future market.

“Scania has a third of that market and Volvo has another third,” said Östling.

That means that Russia reflects the Nordic market, said the Scania CEO. He predicted that Russia will be as big a market as Germany within ten years.