US: hard times
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• Navistar International, the US heavy and medium truck group which changed its name earlier this year from International Harvester, has reported a further decline in quarterly earnings to near break-even levels. The group cited a sharp downturn in heavy truck sales for the decline and warned it sees no signs of a market turnaround. Navistar said third quarter retail sales of heavy trucks were about 20% below the 1985 level, while medium truck demand was unchanged.
"The economic turbulance which has buffeted the heavy truck industry through 1986 shows no signs of abating," the company said. It expected the depressed market with consequent price discounting of both new and used heavy trucks to continue in the fiscal fourth quarter. Financial Times, August 15.