Nairobi — Volvo AB’s trucks division is seeking to boost market share in Kenya, Uganda and Tanzania to as much as 18% from about 2%, as the East African region’s economic growth outpaces the sub-Saharan Africa average. The Swedish maker of vehicles and construction equipment agreed to partner with Kenyan car dealer NECST Motors to set up 20 new workshops across the region, a parts warehouse and an assembly line for Volvo trucks in Mombasa, Volvo Trucks president Claes Nilsson said on Thursday. "In all markets we want to be above 10%," Nilsson said in an interview in Nairobi. "Eventually we want to get to those levels that you see in Morocco and SA." Kenya will follow those two countries as the third in Africa to have a Volvo Trucks assembly plant. East Africa’s largest economy is expected to grow 5.3% in 2017, compared with a sub-Saharan Africa average of 2.6%, according to the International Monetary Fund. Uganda and Tanzania are forecast to expand 5% and 6.8%, respectively. "We bel...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.