Volvo 2009 Annual Report Download - page 26

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BOARD OF DIRECTORS’ REPORT 2009
Q4
The fourth quarter
Volvo and Mack engines first to be
certified for near-zero emissions of
EPA 2010
In November 2009 it was announced that
Volvo Trucks and Mack Trucks were the rst
manufacturers to have their engines certied
as meeting EPA 2010 emissions standards,
the most stringent in the world. On November
17, Talon Logistics, Inc. in the U.S. took deliv-
ery of the rst EPA 2010-certied trucks from
Volvo Trucks in North America. In December,
Knight Transportation ordered 370 EPA
2010-compliant Volvo VN’s.
Events after balance
sheet date
Volvo received order for 12 hybrid
buses to Norway
On January 8, 2010 it was announced that the
operator company Nettbuss had ordered 12
hybrid buses from Volvo Buses for service in
Norway thereby becoming the rst company in
the Nordic region to implement the hybrid
technology commercially. Hybrid buses reduce
fuel consumption by as much as 30%.
Louis Schweitzer new Chairman
of AB Volvo
On January 15, 2010 it was announced that
Louis Schweitzer, following a request from the
Board of Directors, had agreed to take over as
the Chairman of AB Volvo’s Board for the
period until the next Annual General Meeting.
This change took place as Finn Johnsson had
informed the Board of his resignation as
Chairman.
Devaluation in Venezuela
In January 2010, an extensive devaluation
was made in Venezuela. Volvo has assets in
Venezuela and therefore exchange rate losses
of approximately SEK 130 M will affect the
Group results during the rst quarter of 2010
as a consequence of the devaluation. The
major part will be recognized in the Finance
net.
22