Volvo’s Q1 revenue saw a 14% yoy contraction, 8% above expectations. As expected, Q1 20 vehicle sales decreased by 20% yoy, which came mainly from a significant revenue contraction of 25% yoy in North America (second largest geographical revenue source) and -12% yoy in Europe (Volvo’s largest geographical market). Taking into account Volvo’s deterioration in the order intake at the end of March in Europe and North America, we expect a more significant revenue contraction yoy ....