Volvo AB, the world’s second-largest truckmaker, must keep increasing sales as it cuts costs, Chief Executive Officer Olof Persson said at an investor conference in New York, Bloomberg reports.

The company is currently reducing white-collar headcount and cuts research and development spending.

Olof Persson said he is committed to the goal for Volvo’s truck, bus and construction-equipment units eventually to generate the highest operating margins in their industries, according to Bloomberg.

“We need to make sure that we don’t lose sight of that during the year of efficiency,” Persson said.