Bloomberg said Volvo AB, the world’s second-largest truckmaker, said second-quarter profit fell 58 percent as recessions in Europe and an economic slowdown in China prompted companies to hold off on vehicle purchases.

“The renewal of the Group’s truck offering entered an even more intensive phase,” Chief Executive Officer Olof Persson said in the statement. “Thus far, the trucks have been well received by customers and dealers, which is of utmost importance since these new trucks will be highly significant to the group’s sales and profitability in the coming years.”

The Volvo Group’s sales for the second quarter of 2013 recovered considerably compared with the first quarter of 2013 and amounted to SEK 72.8 billion, up 25%. Profitability also improved thanks to higher sales volumes and better capacity utilization in our plants. Despite having to increase our warranty reserves by SEK 900 M for legacy truck quality issues, operating income totaled SEK 3.3 billion, corresponding to an operating margin of 4.5% compared with 0.8% in the first quarter.