Volvo Nov truck shipments up 52%

World No.2 truck maker Volvo (VOLVb.ST) said shipments of its trucks rose 52 percent year-on-year in November as the market for commercial vehicles extended its recovery.

Volvo, which sells trucks under the Renault, Mack, UD Trucks and Eicher brands as well as its own name, said on Wednesday unit shipments rose 76 percent in Europe and 71 percent in North America.

In Asia, deliveries rose 23 percent from a year ago.

"They (the figures) were better than expected, almost 9 percent better than expected," said Handelsbanken analyst Hampus Engellau, pointing to the performance of the Renault truck band as helping the figures beat expectations.

He said the November figures suggested that Volvo had further stepped up production in Europe and North America.

"Europe is reasonably good today, North America is getting there," he said, though he noted North America was benefiting from easy comparisons after a sharp fall during the global downturn.

He said that the fourth quarter was going to be "really good" for truck production for Volvo.

The highly cyclical demand for heavy-duty trucks has picked up strongly after weathering the worst downturn in decades.

Emerging markets in Asia and Latin America have led the recovery, though demand has improved in Europe and North America as well, after those markets came to a virtual standstill around the turn of last year.

Worries, however, linger that the euro zone's public debt woes could slow growth in the region and crimp demand.

Shares in the Gothenburg-based firm were up slightly in early trade in line with the broader European industrial index .SXNP.

Volvo shares have risen around 80 percent this year, against a 32 percent rise in the index.