The World Truck Manufacturing Industry 2012

Contents

Chapter 1: Overview of the world truck manufacturing industry 2 Chapter 1: Tables & Figures 3

Chapter 2: A review of the truck manufacturing industry in Western Europe 4 Chapter 2: Tables & Figures 5

Chapter 3: A review of the truck manufacturing industry in Central and Eastern Europe 7 Chapter 3: Tables & Figures 8

Chapter 4: A review of the truck manufacturing industry in the Middle East 9 Chapter 4: Tables & Figures 10

Chapter 5: A review of the truck manufacturing industry in Africa 11 Chapter 5: Tables & Figures 12

Chapter 6: A review of the truck manufacturing industry for the Indian sub-continent 13 Chapter 6: Tables & Figures 14

Chapter 7: A review of the truck manufacturing industry in China 16 Chapter 7: Tables & Figures 17

Chapter 8: A review of the truck manufacturing industry in Japan and South Korea 18 Chapter 8: Tables & Figures 19

Chapter 9: A review of the truck manufacturing industry in Southeast Asia 20 Chapter 9: Tables & Figures 21

Chapter 10: A review of the truck manufacturing industry in Australia and New Zealand 22 Chapter 10: Tables & Figures 23

Chapter 11: A review of the truck manufacturing industry in South America 24 Chapter 11: Tables & Figures 25

Chapter 12: A review of the truck manufacturing industry in North America 26 Chapter 12: Tables & Figures 27

Contents 1:1 Development cycles 1:8 Tables & Figures 1:2 Standardisation and globalisation 1:8 Overview 1:3 Access to developing markets 1:8 Economic background 1:3 The low-cost truck 1:9 Population 1:4 The world truck market 1:10 Economic growth 1:4 Truck production 1:10 Road freight volume 1:4 Truck sales 1:10 Truck market issues 1:4 World truck forecasts 1:10 Raw material costs 1:4 World truck manufacturers 1:10 Fuel costs 1:5 Daimler 1:11 Alternative fuels 1:6 Isuzu 1:11 Hybrid drive development 1:6 Iveco 1:11 Emissions regulations 1:6 MAN 1:11 Connectivity 1:7 Paccar 1:12 Heavy truck market cycles 1:7 Scania 1:12 Production capacity management 1:8 Volvo 1:12 Vertical versus horizontal integration 1:8 World OEM truck sales 1:12

Figure 1-1 : World GDP per capita (US$ PPP), 2001 – 2011 1:4 Figure 1-8 : North American and Western Europe heavy truck (16t gvw) sales,1988 – 2011 1:7 Table 1-1 : World GDP growth and forecasts (%) by region, 2010 – 2013 1:4 Table 1-2 : Global truck production by region, 2007 – 2011 1:10 Figure 1-2 : World GDP growth and forecasts (%) by region, Figure 1-9 : Global truck production by region, 2007 – 2011 1:10 2010 – 2013 1:4 Figure 1-10 : Global commercial vehicle unit sales by Figure 1-3: Steel price index (April 1994 = 100), 2001 to July 2012 1:5 country/region, 2011 1:10 Figure 1-4 : Aluminium price index (US$/tonne), 2000 – Figure 1-11 : Global commercial vehicle sales value by August 2012 1:5 country/region, 2011 1:10 Figure 1-5 : WTI crude oil spot average prices (US$/barrel), Table 1-4: World medium and heavy (>6t GVW) truck market 1986 to mid-2012 1:5 by region / country (units ‘000) for 2010, 2011 and 2015 1:11 Figure 1-6 : US average diesel fuel price (US$), 2000 to 2011 with forecasts to 2013 1:5 Figure 1-12: World medium and heavy (>6t GVW) truck market by region / country (units ‘000) for 2010, 2011 and 2015 1:11 Figure 1-7 : Diesel NOx emissions standards, EU, the US and Japan, 1995 – 2013 1:6 Table 1-3 : Global truck OEMs world sales, 2007 – 2011 1:12

Economic background and overview 2.4 Iveco 2.24 Population 2.4 Corporate structure 2.25 Economic growth 2.4 Shareholders 2.25 Interest rates 2.4 Global strategy 2.25 Freight volumes 2.5 Manufacturing facilities 2.25 Truck production 2.5 Product range 2.26 Truck sales 2.5 Sales performance 2.27 Market shares 2.6 Financial performance 2.27 Western European truck manufacturers 2.7 Outlook 2.28 Daimler 2.7 DAF (Paccar) 2.28 Corporate structure 2.8 Corporate structure 2.28 Shareholders 2.8 Global strategy 2.29 Global strategy 2.8 Manufacturing facilities 2.29 Manufacturing facilities 2.9 Product range 2.29 Product range 2.10 Sales performance 2.30 Production output 2.10 Financial performance 2.30 Sales performance 2.11 Outlook 2.30 Financial performance 2.12 Scania 2.30 Outlook 2.12 Corporate structure 2.31 Volvo 2.13 Shareholders 2.31 Corporate structure 2.14 Global strategy 2.31 Shareholders 2.14 Manufacturing facilities 2.32 Global strategy 2.14 Product range 2.32 Manufacturing facilities 2.15 Sales performance 2.33 Product range 2.16 Financial performance 2.33 Sales performance 2.17 Outlook 2.34 Financial performance 2.19 Specialty truck manufacturers in Western Europe 2.34 Outlook 2.20 Dennis Eagle 2.34 MAN Truck & Bus 2.20 Product range 2.34 Corporate structure 2.21 3URGXFWLRQVDOHVDQG¿QDQFLDOSHUIRUPDQFH 2.35 Shareholders 2.21 GINAF 2.35 Global strategy 2.21 Product range 2.35 Manufacturing facilities 2.22 Nissan 2.35 Product range 2.22 Product range 2.36 Sales performance 2.22 Sisu 2.36 Financial performance 2.23 Terberg Benschop 2.36 Outlook 2.24 Product range 2.36

Table 2-1 : Population (millions) in the EA17 and Figure 2-15 : Daimler truck registrations in Western Europe, EU27, 2007 – 2011 2:4 2007 – 2011 2:12 Table 2-2 : GDP growth and forecasts (%) in the Table 2-15 : Daimler Trucks revenue (€bn), 2006 – 2011 2:12 EA17 and EU27, 2007 – 2013 2:4 Table 2-16 : Daimler Trucks EBIT (€bn), 2006 – 2011 2:12 Figure 2-1 : GDP growth and orecasts (%) in the Figure 2-17 : Daimler Trucks EBIT (€bn), 2006 – 2011* 2:12 EA17 and EU27, 2007 – 2013 2:4 Figure 2-18 : Daimler Trucks operating margin (%), Figure 2-2 : Benchmark interest rate in the Euro 2006 – 2011 2:12 area, 2007 – 2012 2:5 Table 2-17 : Volvo Truck production facilities 2:16 Table 2-3 : Road freight transport (millions of tkm) Table 2-18 : Volvo Truck model range 2:16 in the EU27, 2006 – 2010 2:5 Table 2-19 : Renault Trucks model range 2:17 Figure 2-3 : Road freight transport (millions of t.km) EU27, 2006 – 2010 2:5 Table 2-20 : Volvo Group truck deliveries by region, 2007 – 2011 2:18 Figure 2-4 : National and international road freight in the EU, 2000 – 2011 2:5 Figure 2-19 : Volvo Group truck deliveries by region, 2007 – 2011 2:18 Table 2-4 : Heavy truck production in EU15, 2007 – 2011 2:5 Figure 2-20: Volvo Group truck deliveries by region, Figure 2-5 : Heavy truck production in EU15, 2007 – 2011 2:5 2011 2:18 Table 2-5 : Truck registrations in Western Europe, Table 2-21 : Volvo Group Trucks deliveries by weight class, 2007 – 2011 2:5 2007 - 2011 2:18 Figure 2-6 : Truck registrations in Western Europe, Figure 2-21 : Volvo Group truck deliveries by weight 2007 - 2011 2:6 class, 2011 2:18 Table 2-6 : Truck (>3.5t GVW) registrations by Table 2-22 : Volvo Group truck deliveries by brand, 2007 – 2011 2:18 manufacturer in Western Europe, 2007 – 2011 2:6 Figure 2-22 : Volvo Group truck deliveries by brand, Figure 2-7 : Truck (>3.5t GVW) registrations by 2007 – 2011 2:18 manufacturer in Western Europe, 2007 – 2011 2:6 Figure 2-23 : Volvo Group truck deliveries by brand, 2011 2:19 Table 2-7 : Heavy truck (>16t GVW)registrations by manufacturer in Western Europe, 2007 – 2011 2:6 Table 2-23 : Volvo truck deliveries in Western and Eastern Europe, 2007 – 2011 2:19 Figure 2-8: Heavy truck (>16t GVW) registrations by manufacturer in Western Europe, 2007–2011* 2:6 Figure 2-24 : Volvo truck deliveries in Western and Eastern Europe, 2007 – 2011 2:19 Figure 2-9 : Market shares of trucks over 3.5t GVW in Western Europe, 2007 - 2011 2:6 Table 2-24 : Volvo/Renault new truck registrations in Western Europe, 2007 – 2011 2:19 Figure 2-10 : Market shares of trucks over 16t GVW in Western Europe, 2007 - 2011 2:6 Figure 2-25 : Volvo/Renault new truck registrations in Western Europe, 2007 – 2011 2:19 Table 2-8 : Daimler shareholders as at 6 February, 2012 2:8 Table 2-25 : Volvo Group truck sales revenue (SEKbn), Table 2-9 : Daimler commercial vehicle production facilities 2:9 2007 – 2011 2:19 Table 2-10 : Mercedes-Benz truck range 2:10 Figure 2-26 : Volvo Group truck sales total revenue (SEKbn), Table 2-11 : Daimler global medium and heavy truck 2007 – 2011 2:19 production 2007 – 2011 2:10 Table 2-26 : Volvo Group truck sales revenue (SEKbn) Figure 2-11: Daimler global medium and heavy truck by region, 2007 – 2011 2:19 production 2007 – 2011 2:11 Figure 2-27 : Volvo Group truck sales revenue (SEKbn) Table 2-12 : Daimler Trucks unit sales by region, by region, 2007 – 2011 2:20 2007 – 2011 2:11 Table 2-27 : Volvo Group truck division operating income Figure 2-12 : Daimler Trucks unit sales by region, (SEKbn), 2007 – 2011 2:20 2007 – 2011 2:11 Figure 2-28 : Volvo Group truck division operating income Figure 2-13 : Daimler Trucks unit sales by region, 2011 2:11 (SEKbn), 2007 – 2011 2:20 Table 2-13 : Daimler truck sales in Western Europe, Figure 2-29 : Volvo Group truck division operating 2007 – 2011 2:11 margin (%), 2006 – 2011 2:20 Figure 2-14 : Daimler truck sales in Western Europe, Table 2-28 : MAN production plants 2:22 2007 – 2011 2:11 Table 2-14 : Daimler truck registrations in Western Europe, Table 2-29 : MAN European truck range 2:22 2007 – 2011 2:12 Table 2-30 : MAN Truck & Bus deliveries, 2007 – 2011 2:23

Figure 2-30 : MAN Truck & Bus deliveries, 2007 – 2011 2:23 Figure 2-39 ,YHFRWUDGLQJSUR¿W ¼P ± 2:28 Table 2-31 : MAN new truck registrations in Western Figure 2-40 : Iveco operating margin (%), 2007 -2011 2:28 Europe, 2007 – 2011 2:23 Table 2-42 : DAF truck plants 2:29 Figure 2-31 : MAN new truck registrations in Western Table 2-43 : DAF truck range 2:29 Europe, 2007 – 2011 2:23 Table 2-44 : DAF new truck registrations in Western Table 2-32 : MAN Commercial Vehicles revenue (€bn), Europe, 2007 – 2011 2:30 2007 – 2011 2:23 Figure 2-41 : DAF new truck registrations in Western Figure 2-32 : MAN Commercial Vehicles revenue (€bn), Europe, 2007 – 2011 2:30 2007 – 2011 2:23 Table 2-45 : Main shareholders in Scania as at Table 2-33 : MAN Commercial Vehicles operating 30 April, 2012 2:31 SUR¿W ¼P ± 2:23 Figure 2-33 : MAN Commercial Vehicles operating Table 2-46 : Main Scania production plants 2:32 SUR¿W ¼P ± 2:24 Table 2-47 : Scania truck range 2:32 Figure 2-34 : MAN Commercial Vehicles operating Table 2-48 : Scania truck deliveries by region, 2007 – 2011 2:33 margins (%), 2007 – 2011 2:24 Figure 2-42 : Scania truck deliveries by region, 2007 – 2011 2:33 Table 2-34 : Fiat Industrial shareholders as at December 31, 2011 2:25 Figure 2-43 : Scania deliveries by region, 2011 2:33 Table 2-35 : Iveco manufacturing plants and products 2:26 Table 2-49 : Scania new truck registrations in Table 2-36 : Iveco truck range 2:26 Western Europe, 2007 – 2011 2:33 Table 2-37 : Iveco global commercial vehicle deliveries, Table 2-44 : Scania new truck registrations in 2007 – 2011 2:27 Western Europe, 2007 – 2011 2:33 Figure 2-35 : Iveco global commercial vehicle deliveries, Table 2-50 : Scania revenue & operating income 2007 – 2011 2:27 (SEKbn), 2007 – 2011 2:33 Table 2-38 : Iveco commercial vehicle (3.5t GVW Figure 2-45 : Scania revenue & operating income and over) sales in Western Europe, 2007 – 2011 2:27 (SEKbn), 2007 – 2011 2:34 Figure 2-36 : Iveco commercial vehicle (3.5t and over) Table 2-51 : Scania net income (SEKbn), 2007 – 2011 2:34 sales in Western Europe, 2007 – 2011 2:27 Figure 2-46 : Scania net income (SEKbn), 2007 – 2010 2:34 Table 2-39 : Iveco new truck registrations in Western Table 2-52 : Scania operating margin (%), 2007 – 2011 2:34 Europe, 2007 – 2011 2:27 Figure 2-37 : Iveco new truck registrations in Western Figure 2-47 : Scania operating margin (%), 2007 – 2011 2:34 Europe, 2007 – 2011 2:27 Table 2-53 : Dennis Eagle truck range 2:35 Table 2-40 : Iveco revenue (€bn), 2007 – 2011 2:27 Table 2-54 : GINAF chassis range 2:35 Figure 2-38 : Iveco revenue (€bn), 2007 – 2011 2:28 Table 2-55 : Nissan Avila plant truck range 2:36 Table 2-41 ,YHFRWUDGLQJSUR¿W ¼P ± 2:28 Table 2-56 : Terberg on-road truck range 2:36

Contents 3.1 Production output 3:9 Tables & Figures 3.2 Financial performance 3:10 Economic background 3.3 Russian truck manufacturers 3:10 Population 3:4 GAZ 3:10 Economic growth 3:4 Product range 3:10 Interest rates 3:5 Sales performance 3:10 Freight volumes 3:5 Financial performance 3:10 Truck production 3:5 KaMAZ 3:11 Truck sales 3:6 Product range 3:11 Belarusian truck manufacturers 3:7 Production output, sales performance and market shares 3:11 MAZ 3:7 Financial performance 3:11 Product range 3:7 Sollers-Isuzu 3:12 Minsk Wheel Tractor Plant 3:7 Product range 3:12 Product range 3:7 Financial performance 3:12 Czech Republic truck manufacturers 3:8 ZIL 3:12 Avia 3:8 Product range 3:12 Product range 3:8 Production output and sales performance 3:8 Serbian truck manufacturers 3:12 Financial performance 3:8 FAP 3:12 Tatra 3:8 Product range 3:12 Product range 3:8 Ukrainian truck manufacturers 3:13 Romanian truck manufacturers 3:9 AvtoKrAZ 3:13 Roman 3:9 Product range 3:13 Product range 3:9 Production output and sales volume 3:13

Table 3-1 : Population data for Eastern & Central Table 3-11 : GAZ/Ural truck range 3:10 European countries in 2011/12 3:4 Table 3-12 *$=*URXSUHYHQXHDQGSUR¿WORVV Table 3-2 : GDP growth and forecasts (%) for Eastern (RUBbn), 2007 – 2011 3:10 & Central Europe, 2009 – 2013 3:4 Figure 3-8 *$=*URXSUHYHQXHDQGSUR¿WORVV Figure 3-1 : GDP growth and forecasts (%) for (RUBbn), 2007 – 2011 3:10 Eastern & Central Europe, 2009 – 2013 3:4 Table 3-13 : KaMAZ truck range 3:11 Figure 3-2 : Benchmark interest rates, Eastern & Table 3-14 : KaMAZ sales of trucks of 8t to 40t Central Europe, 2007 – 2012 3:5 GVW, 2007 – 2011 3:11 Figure 3-3 : Road freight volumes in Eastern & Figure 3-9 : KaMAZ sales of trucks of 8t to 40t Central Europe (million.tonne.km), 2007 – 2011 3:5 GVW, 2007 – 2011 3:11 Table 3-3 : Heavy truck production in Eastern & Central Europe, 2007 – 2011 3:6 Table 3-15 .D0$=UHYHQXHDQGSUR¿WORVV (RUBbn), 2007 – 2011 3:11 Figure 3-4 : Truck production in Eastern & Central Europe, 2007 – 2011 3:6 Figure 3-10 .D0$=UHYHQXHDQGSUR¿WORVV (RUBbn), 2007 – 2011 3:11 Table 3-4 : Truck sales in Russia, 2008 – 2011 3:6 Table 3-16 : Sollers-Isuzu truck range 3:12 Figure 3-5 : New truck sales in Russia, 2008 – 2011 3:6 Table 3-5 : Truck sales in Poland by weight class, Table 3-17 : ZIL truck chassis range 3:12 2007 – 2011 3:7 Table 3-18 : FAP truck range 3:12 Table 3-6 : MAZ truck range 3:7 Table 3-19 : Serbian truck production, 2007 – 2011 3:12 Table 3-7 : Avia truck range 3:8 Figure 3-11 : Serbian truck production, 2007 – 2011 3:12 Table 3-8 : Tatra truck range 3:9 Table 3-20 : KrAZ truck range 3:13 Table 3-9 : Roman truck range 3:9 Table 3-21 : KrAZ truck production (including Table 3-10 : Roman Trucks truck production, CKD kits), 2007 – 2011 3:13 2007 – 2011 3:9 Figure 3-12 : KrAZ truck production (including Figure 3-7 : Roman truck production, 2007 – 2011 3:10 CKD kits), 2007 – 2011 3:13

Contents 4:1 Karsan 4:9 Tables & Figure s 4:2 Product range 4:9 Economic background 4:3 Temsa 4:9 Population 4:4 Product range 4:9 Economic growth 4:4 Iranian truck manufacturers 4:9 Interest rates 4:4 Amico 4:10 Freight volumes 4:5 Product range 4:10 Truck production 4:5 Carizan Khodro 4:10 Truck sales 4:6 Product range 4:10 Turkish truck manufacturers 4:6 Iran Khodro Diesel 4:10 AIOS 4:6 Product range 4:10 Product range 4:7 MAZ Iran 4:10 Financial performance 4:7 Product range 4:10 Askam Kamyon 4:7 BMC 4:7 Rakhsh Khodro Diesel 4:11 Product range 4:7 Product range 4:11 Daimler 4:8 Saipa Diesel 4:11 Ford Otosan 4:8 Sam Motor Group 4:11 Product range 4:8 Product range 4:11 Financial performance 4:9 Zamyad 4:11

Table 4-1 : Population data for selected Middle Table 4-9 : Anadolu Isuzu (AOIS) revenue (TRLm), Eastern countries 4:4 2007 – 2011 4:7 Table 4-2 : GDP growth and forecasts (%) in selected Figure 4-8 : Anadolu Isuzu (AIOS) revenue (TRLm), Middle Eastern countries, 2009 – 2013 4:4 2007 – 2011 4:7 Figure 4-1 : GDP growth and forecasts (%) in selected Table 4-10 $QDGROX,VX]X $2,6 SUR¿WORVV 75/P Middle Eastern countries, 2009 – 2013 4:4 2007 – 2011 4:7 Figure 4-2 : Benchmark interest rates in selected Middle Figure 4-9 $QDGROX,VX]X $2,6 SUR¿WORVV Eastern countries, 2007 – 2012 4:4 (TRLm), 2007 – 2011 4:7 Table 4-3 : Truck production by manufacturer in Turkey, Table 4-11 : Askam Kamyon truck range 4:7 2007 – 2011 4:5 Table 4-12 : BMC truck range 4:8 Figure 4-3 : Truck production by manufacturer in Table 4-13 : Mercedes-Benz Turk truck range 4:8 Turkey, 2006 – 2011 4:5 Table 4-14 : Ford Otosan Cargo truck range 4:8 Table 4-4 : Truck production in Iran, 2008 – 2011 4:5 Table 4-15 : Ford Otosan revenue (TRLbn), 2007 – 2011 4:9 Figure 4-4 : Truck production in Iran, 2008 – 2011 4:6 Figure 4-10 : Ford Otosan revenue (TRLbn), 2007 – 2011 4:9 Table 4-5 : Domestic truck sales in Turkey by Table 4-16 )RUG2WRVDQQHWSUR¿W 75/P ± 4:9 manufacturer, 2008 – 2011 4:6 Figure 4-11 )RUG2WRVDQQHWSUR¿W 75/P ± 4:9 Figure 4-5 : Domestic truck sales in Turkey by Table 4-17 : Karsan Hyundai light truck range 4:9 manufacturer, 2008 – 2011 4:6 Table 4-18 : Renault Premium model range 4:9 Table 4-6 : Truck export sales from Turkey by Table 4-19 : Temsa Mitsubishi Canter range 4:9 manufacturer, 2008 – 2011 4:6 Table 4-20 : Amico truck range 4:10 Figure 4-6 : Truck export sales from Turkey by manufacturer, 2008 – 2011 4:6 Table 4-21 : Carizan Khodro truck range 4:10 Table 4-7 : Total domestic and export truck sales in Table 4-22 : Iran Khodro Diesel truck range 4:10 Turkey, 2008 – 2011 4:6 Table 4-23 : MAZ Iran truck range 4:10 Figure 4-7 : Total domestic and export truck sales Table 4-24 : Rakhsh Kohdro truck range 4:11 in Turkey, 2008 – 2011 4:6 Table 4-25 : Saipa Diesel truck range 4:11 Table 4-8 : Anadolu Isuzu truck range*, 2007 – 2011 4:7 Table 4-26 : Sam Motor Group truck range 4:11

Contents 5:1 Tunisian truck manufacturers 5:7 Tables & Figures 5:2 Volvo 5:7 Economic background 5:3 Ethiopian truck manufacturers 5:7 Population 5:4 Iveco 5:7 Economic growth 5:4 North Benz 5:7 Interest rates 5:5 Kenyan truck manufacturers 5:7 Freight volumes 5:5 BMC 5:7 Truck production 5:6 Daimler 5:7 Truck sales 5:6 Eicher 5:7 Algerian truck manufacturers 5:6 Foton 5:7 Daimler 5:6 Hino 5:7 MAN 5:6 Isuzu 5:7 Scania 5:6 Iveco 5:7 Egyptian truck manufacturers 5:6 MAN 5:7 Daimler 5:6 Nissan Diesel (UD Trucks) 5:7 Isuzu 5:6 Nigerian truck manufacturers 5:7 Libyan truck manufacturers 5:7 BMC 5:7 Iveco 5:7 Daimler 5:7 Moroccan truck manufacturers 5:7 South African truck manufacturers 5:8 DAF 5:7 Isuzu 5:8 Daimler 5:7 MAN 5:8 Iveco 5:7 Iveco 5:8 JAC 5:7 Navistar 5:8 Scania 5:7 Tata 5:8 Volvo 5:7 Volvo 5:8

Table 5-1 : Population data for North African countries 5:4 Figure 5-4 : Benchmark interest rates in North African Table 5-2 : Population data for Central African countries 5:4 countries, 2007 – 2011 5:5 Table 5-3 : Population data for South Africa 5:4 Figure 5-5 : Benchmark interest rates in Central Table 5-4 : GDP growth and forecasts (%) in North African countries, 2007 – 2012 5:5 Africa, 2009 – 2013 5:4 Figure 5-6 : Benchmark interest rate in South Africa, Figure 5-1 : GDP growth and forecasts (%) in North 2007 – 2012 5:5 Africa, 2009 – 2013 5:4 Table 5-7 : Truck production in Egypt and South Africa, Table 5-5 : GDP growth and forecasts (%) in Central 2007 – 2011 5:6 Africa, 2009 – 2013 5:4 Figure 5-7 : Truck production in Egypt and South Africa, Figure 5-2 : GDP growth and forecasts (%) in Central 2007 – 2011 5:6 Africa, 2009 – 2013 5:4 Table 5-8 : Sales of medium and heavy commercial Table 5-6 : GDP growth and forecasts (%) in South Africa, 2009 – 2013 5:4 vehicles in South Africa, 2007 – 2011 5:6 Figure 5-3 : GDP growth and forecasts (%) in South Figure 5-8 : Sales of medium and heavy commercial Africa, 2009 – 2013 5:4 vehicles in South Africa, 2007 – 2011 5:6

Contents 6:1 Sales performance 6:13 Tables &Figures 6:2 Financial performance 6:14 Economic background 6:4 Mahindra Navistar 6:14 Population 6:4 Product range 6:14 Economic growth 6:4 Production output 6:14 Interest rates 6:5 Sales performance 6:15 Freight volumes 6:5 Financial performance 6:15 Truck production 6:5 SML Isuzu 6:16 Truck sales 6:6 Product range 6:16 Indian truck manufacturers 6:7 Production output 6:16 Tata 6:7 Sales performance 6:16 Product range 6:7 Financial performance 6:17 Production output 6:8 Asia Motor Works 6:17 Alternative powertrains and fuels 6:8 Product range 6:17 Sales performance 6:8 Production output 6:18 Financial performance 6:9 Sales performance 6:18 Ashok Leyland 6:9 KaMAZ Vectra Motors 6:18 Product range 6:10 Product range 6:18 Alternative powertrains and fuels 6:10 MAN Trucks India 6:19 Production output 6:10 Product range 6:19 Sales performance 6:11 BharatBenz 6:19 Financial performance 6:11 Pakistani truck assemblers 6:19 Volvo Eicher 6:12 Production output 6:20 Product range 6:12 Sales performance 6:20 Alternative fuels 6:12 Sri Lankan truck assemblers 6:20 Production output 6:13 Bangladeshi truck assemblers 6:21

Table 6-1 : Indian sub-continent population data* 6:4 Table 6-17 : Ashok Leyland domestic truck sales, Table 6-2 : GDP growth and forecasts (%) in the Indian 2007/08 - 2011/12* 6:11 sub-continent, 2009 – 2013* 6:4 Figure 6-16 : Ashok Leyland domestic truck sales, Figure 6-1 : GDP growth and forecasts (%) in the 2007/08 - 2011/12* 6:11 Indian sub-continent, 2009 – 2013* 6:5 Table 6-18 : Ashok Leyland export truck sales, Figure 6-2 : Benchmark interest rates, Indian 2010/11 - 2011/12* 6:11 sub-continent, 2006 – 2011* 6:5 Figure 6-17 : Ashok Leyland export truck sales, Figure 6-3 : TCI freight index for India, 2000/01 2010/11 - 2011/12* 6:11 – 2009/10* 6:5 Table 6-19 : Ashok Leyland revenue (Rs bn), Table 6-3 : Truck production in the Indian sub- 2007/08 – 2011/12* 6:12 continent, 2007 – 2011* 6:5 Figure 6-18 : Ashok Leyland revenue (Rsbn), Figure 6-4 : Truck production in the Indian sub- 2007/08 – 2011/12* 6:12 continent, 2007 – 2011* 6:6 Table 6-20 $VKRN/H\ODQGSUR¿WDIWHUWD[ 5VEQ Table 6-4 : Commercial vehicle sales in India, 2007/08 – 2011/12* 6:12 2007/08 - 2011/12* 6:6 Figure 6-19 $VKRN/H\ODQGSUR¿WDIWHUWD[ 5VEQ Figure 6-5 : Commercial vehicle sales in India, 2007/08 – 2011/12* 6:12 2007/08 – 2011/12* 6:6 Table 6-21 : Eicher truck range* 6:12 Table 6-5 : Domestic truck sales in India by weight Table 6-22 : Volvo Eicher truck production, 2007/08 class, 2007/08 - 2011/12* 6:6 - 2011/12* 6:13 Figure 6-6 : Domestic truck sales in India by weight Figure 6-20 : Volvo Eicher truck production, class, 2007/08 - 2011/12* 6:6 2007/08 - 2011/12* 6:13 Table 6-6 : Export truck sales from India, 2010/11 Table 6-23 : Volvo Eicher medium & heavy truck sales - 2011/12* 6:6 in India, 2008 – 2011* 6:13 Table 6-7 : Tata truck range* 6:8 Figure 6-21 : Volvo Eicher medium & heavy truck sales in India, 2008 – 2011* 6:13 Table 6-8 : Tata truck production by weight class, 2007/08 - 2011/12* 6:8 Table 6-24 : Volvo Eicher domestic truck sales, 2007/08 - 2011/12* 6:13 Figure 6-8 : Tata truck production by weight class, 2007/08 - 2011/12* 6:8 Figure 6-22 : Volvo Eicher domestic truck sales, 2007/08 - 2011/12* 6:13 Table 6-9 : Tata domestic truck sales, 2007/08 - 2011/12* 6:8 Table 6-25 : Volvo Eicher truck export sales, 2010/11 Figure 6-9 : Tata domestic truck sales, 2007/08 - 2011/12* 6:8 - 2011/12* 6:13 Table 6-10 : Tata truck export sales, 2010/11 - 2011/12* 6:8 Figure 6-23 : Volvo Eicher truck export sales, 2010/11 Figure 6-10 : Tata truck export sales, 2010/11 - 2011/12* 6:9 - 2011/12* 6:13 Table 6-11 : Tata Motors stand-alone revenue after Table 6-26 : Volvo Eicher revenue (less excise) (Rsbn), excise duty (Rs bn), 2007/08 – 2011/12* 6:9 2009 – 2011* 6:14 Figure 6-11 : Tata Motors stand-alone revenue after Figure 6-24 : Volvo Eicher revenue (less excise) (Rsbn), excise duty (Rs bn), 2007/08 – 2011/12* 6:9 2009 – 2011* 6:14 Table 6-12 7DWD0RWRUVVWDQGDORQHQHWSUR¿WDIWHU Table 6-27 9ROYR(LFKHUSUR¿WDIWHUWD[ 5VEQ tax (Rs bn), 2007/08 – 2011/12* 6:9 2009 – 2011* 6:14 Figure 6-12 7DWD0RWRUVVWDQGDORQHQHWSUR¿W Figure 6-25 9ROYR(LFKHUSUR¿WDIWHUWD[ 5VEQ (Rs bn), 2007/08 – 2011/12* 6:9 2009 – 2011* 6:14 Table 6-13 : Ashok Leyland truck range* 6:10 Table 6-28 : Mahindra & Mahindra brand truck range* 6:14 Table 6-14 : Ashok Leyland medium & heavy Table 6-29 : Mahindra Navistar truck production, commercial vehicle production, 2008/09 – 2011/12* 6:10 2010/11 - 2011/12* 6:14 Figure 6-13 : Ashok Leyland medium & heavy commercial Figure 6-26 : Mahindra Navistar truck production, vehicle production, 2008/09 – 2011/12* 6:10 2010/11 - 2011/12* 6:15 Table 6-15 : Ashok Leyland truck production, 2007/08 Table 6-30 : Mahindra & Mahindra truck sales, - 2011/12* 6:11 2009/10 – 2011/12* 6:15 Figure 6-14 : Ashok Leyland truck production, Figure 6-27 : Mahindra & Mahindra truck sales, 2007/08 - 2011/12 * 6:11 2009/10 – 2011/12* 6:15 Table 6-16 : Ashok Leyland medium & heavy Table 6-31 : Mahindra Navistar domestic truck sales, commercial vehicle sales, 20008/09 – 2011/12* 6:11 2010/11 - 2011/12* 6:15 Figure 6-15 : Ashok Leyland medium & heavy Figure 6-28 : Mahindra Navistar domestic truck sales, commercial vehicle sales, 2008/09 – 2011/12* 6:11 2010/11 - 2011/12* 6:15

Table 6-32 : Mahindra & Mahindra revenue (Rs bn), Table 6-39 60/,VX]XQHWSUR¿W 5VP ± 2007/08 – 2011/12* 6:15 2011/12* 6:17 Figure 6-29 : Mahindra & Mahindra revenue (Rs bn), Figure 6-35 60/,VX]XQHWSUR¿W 5VP ± 2006/07 - 2010/11* 6:15 2011/12* 6:17 Table 6-33 0DKLQGUD 0DKLQGUDSUR¿W 5VEQ Table 6-40 : Asia Motor Works truck range* 6:17 2007/08 – 2011/12* 6:15 Table 6-41 : Asia Motor Works truck production, Figure 6-30 0DKLQGUD 0DKLQGUDSUR¿W 5VEQ 2007/08 - 2011/12* 6:18 2007/08 – 2011/12* 6:16 Figure 6-36 : Asia Motor Works truck production, Table 6-34 : SML Isuzu truck range* 6:16 2007/08 - 2011/12* 6:18 Table 6-35 : SML Isuzu truck production, 2007/08 Table 6-42 : Asia Motor Works domestic truck sales, - 2011/12* 6:16 2007/08 - 2011/12* 6:18 Figure 6-31 : SML Isuzu truck production, 2007/08 Figure 6-37 : Asia Motor Works domestic truck sales, - 2011/12* 6:16 2007/08 - 2011/12* 6:18 Table 6-36 : SML Isuzu commercial vehicle sales, Table 6-43 : KaMAZ truck range* 6:18 2007/08 – 2011/12* 6:16 Table 6-44 : Tatra truck range* 6:19 Figure 6-32 : SML Isuzu commercial vehicle sales, 2007/08 – 2011/12* 6:16 Table 6-45 : MAN Trucks India truck range* 6:19 Table 6-37 : SML Isuzu domestic truck sales, 2007/08 Table 6-46 : Truck assembly in Pakistan by brand, - 2011/12* 6:17 2007/08 – 2011/12* 6:20 Figure 6-33 : SML Isuzu domestic truck sales, Figure 6-38 : Truck assembly in Pakistan by brand, 2007/08 - 2011/12* 6:17 2007/08 – 2011/12* 6:20 Table 6-38 : SML Isuzu revenue (Rs bn), 2007/08 – Table 6-47 : Truck sales in Pakistan by brand, 2011/12* 6:17 2007/08 – 2011/12* 6:20 Figure 6-34 : SML Isuzu sales revenue (Rs bn), 2007/08 – Figure 6-39 : Truck sales in Pakistan by brand, 2011/12* 6:17 2007/08 – 2011/12* 6:20

Contents 7:1 Product range 7:35 Tables & Figures 7:2 Production performance 7:35 Economic background 7:3 Sales performance 7:35 Population 7:3 Financial performance 7:35 Economic growth 7:4 SAIC-Iveco 7:35 Interest rates 7:5 Product range 7:36 Freight volumes 7:5 Anhui Hualing Automobile Group 7:36 Truck production 7:5 Production performance 7:37 Truck sales 7:6 Sales performance 7:37 Completely-built-up rigid-chassis trucks 7:7 Financial performance 7:37 Truck chassis 7:12 Chengdu Dayun Automobile 7:37 Tractor units 7:15 Chongqing Lifan 7:37 Sales forecasts 7:20 Dayun Auto 7:37 Chinese truck manufacturers 7:20 GAC Hino 7:38 Dongfeng Motor Corporation 7:20 Great Wall Motor 7:38 Product range 7:21 Hebei Changzheng Automotive Manufacturing 7:38 Production output 7:22 Hubei Tri-Ring 7:38 Sales performance 7:23 Jiangling Motors Company 7:38 Financial performance 7:23 Jinbei Automobile Company 7:39 China First Automotive Group Corporation 7:24 Jinggong Zhenjiang Automobile Manufacture 7:39 Product range 7:25 Nanjing Automobile 7: 39 Production output 7:25 Qingling Motors (Group) Company 7:39 Sales performance 7:25 Production performance 7:40 Financial performance 7:26 Sales performance 7:40 China National Heavy-duty Truck Corporation (Sinotruk) 7:26 Financial performance 7:40 Product range 7:27 Shandong KAMA Automobile Manufacturing 7:40 Production performance 7:28 Shandong Shifeng (Group) Company 7:40 Sales performance 7:28 Shandong Tangjun Ouling Automobile Manufacturing 7:40 Financial performance 7:29 Shanghai Huizhong Automotive Manufacturing 7:41 Shaanxi Automobile Group 7:29 Shanghai Longji Construction Machinery Company 7:41 Product range 7:30 Production output 7:31 Shengyan Jinbei Automotive Company 7:41 Sales performance 7:31 Sichuan Nanjun Automobile Group 7:41 Financial performance 7:31 Yituo Group Corporation 7:42 Beiqi Foton 7:31 Youngman Automobile Company 7:42 Product range 7:31 Zhejiang Feidie Automobile Manufacturing 7:42 Production performance 7:32 Others 7:42 Sales performance 7:32 Taiwan truck manufacturers 7:42 Financial performance 7:33 Daimler 7:42 Anhui Jianghuai Automobile Company (JAC) 7:33 Dongfeng 7:43 Product range 7:33 Isuzu 7:43 Production output 7:34 Paccar 7:43 Sales performance 7:34 Scania 7:43 Financial performance 7:34 Toyota/Hino 7:43 Baotou Bei Ben Heavy-Duty Truck Company 7:34 Volvo 7:43 16 © 2012 T&BB Reports Ltd. - The World Truck Manufacturing Industry 2012 T&BB << CONTENTS >> &KDSWHU7DEOHVDQG¿JXUHV

Table 7-1 : Population data for Greater China 7:4 Figure 7-18: Tractor unit sales in China by GCW Table 7-2: GDP growth and forecasts (%) in greater rating, 2009 - 2011 7:4 China, 2009 - 2013 7:4 Table 7-13: Heavy-duty tractor sales in China, Figure 7-1: GDP growth and forecasts (%) in greater 2009 - 2011 7:4 China, 2009 - 2013 7:4 Figure 7-20: Heavy-duty tractor sales in China, 2011 7:4 Figure 7-2: Benchmark interest rates in greater Table 7-14: Medium-duty tractor sales in China, China, 2007 – 2012 7:4 2009 - 2011 7:4 Table 7-3: Truck production in greater China, Figure 7-21: Medium-duty tractor sales in China, 2007 - 2011 7:4 2009 - 2011 7:4 Figure 7-3: Truck production in greater China, Figure 7-22: Medium-duty tractor market shares in 2007 – 2011 7:4 China, 2011 7:4 Table 7-4: CBU rigid-chassis truck sales in China, Table 7-15: Light-duty tractor unit sales in China, 2009 - 2011 7:4 2009 - 2011 7:4 Figure 7-4: CBU rigid-chassis truck sales in China, Figure 7-23: Light-duty tractor unit sales in China, 2009 - 2011 7:4 2009 – 2011 7:4 Table 7-5: Heavy-duty CBU rigid-chasis truck Figure 7-24: Light-duty tractor market shares in sales in China, 2009 - 2011 7:4 China, 2011 7:4 Figure 7-5: Heavy-duty CBU rigid-chassis truck Table 7-16: Dongfeng Motor truck range 7:4 sales in China, 2009 - 2011 7:4 Table 7-17: Dongfeng Liuzhou truck range 7:4 Figure 7-6: Heavy-duty CBU rigid-chassis truck Table 7-18: Dongfeng truck sales, 2010 - 2011 7:4 market shares in China, 2011 7:4 Figure 7-25: Dongfeng truck sales, 2010 – 2011 7:4 Table 7-6: Medium-duty CBU rigid-chassis truck Table 7-19: 'RQJIHQJUHYHQXHDQGSUR¿W &1

Contents 8:1 Sales performance 8:10 Tables & Figures 8:2 Financial performance 8:11 Economic background 8:3 Mitsubishi Fuso 8:11 Population 8:3 Manufacturing facilities 8:12 Economic growth 8:3 Product range 8:12 Interest rates 8:3 Sales performance 8:12 Freight volumes 8:4 Market share 8:12 Truck production 8:5 Financial performance 8:12 Truck sales 8:5 UD Trucks 8:13 Japanese truck manufacturers 8:5 Production facilities 8:13 Isuzu 8:5 Product range 8:13 Global strategy 8:6 Sales performance 8:13 Manufacturing facilities 8:6 Financial performance 8:13 Product range 8:6 South Korean truck manufacturer 8:13 Production output 8:7 Hyundai 8:13 Sales performance 8:7 Product range 8:14 Financial performance 8:7 Production output 8:14 Outlook 8:9 Sales performance 8:14 Hino 8:9 Financial performance 8:15 Product range 8:10 Tata Daewoo 8:15 Production output 8:10 Product range 8:15

Table 8-1 : GDP growth and forecasts (%) for Japan Figure 8-13 : Isuzu commercial vehicle and CKD kit and South Korea, 2009 – 2013 8:3 shipments, 2011/12 8:8 Figure 8-1 : GDP growth (%) in Japan and South Korea, Figure 8-14 : Isuzu light commercial vehicle and CKD 2009 – 2013 8:3 kit shipments, 2011/12 8:8 Figure 8-2 : Benchmark interest rates, Japan & Table 8-13 : Isuzu consolidated sales revenue (¥bn), South Korea, 2007 – 2012 8:3 2007/08 – 2011/12 8:9 Table 8-2 : Road freight volume (T.km in millions) in Figure 8-15 : Isuzu consolidated sales revenue (¥bn), Japan and South Korea, 2006 – 2010 8:4 2007/08 – 2011/12 8:9 Figure 8-3 : Road freight volume (T.km in millions) in Table 8-14 ,VX]XRSHUDWLQJDQGQHWSUR¿WORVV EQ Japan and S. Korea, 2006 – 2010 8:4 2007/08 – 2011/12 8:9 Table 8-3 : Standard truck production by OEM, Japan, Figure 8-16 ,VX]XRSHUDWLQJDQGQHWSUR¿WORVV EQ 2007 – 2011 8:4 2007/08 – 2011/12 8:9 Figure 8-4 : Standard truck production in Japan, Figure 8-17 : Isuzu operating margin (%), 2007/08 – 2007 – 2011 8:4 2011/12 8:9 Table 8-4 : Truck production in South Korea, 2007 – 2011 8:4 Table 8-15 : Hino truck range 8:10 Figure 8-5 : Truck production in South Korea, 2007 – 2011 8:5 Table 8-16 : Hino truck production, 2007 – 2011 8:10 Table 8-5 : New standard truck registrations by OEM Figure 8-18 : Hino truck production, 2007 – 2011 8:10 in Japan, 2007 – 2011 8:5 Table 8-17 : Hino truck and bus sales, Japan and Figure 8-6 : New standard truck registrations in Japan, overseas, 2007/08 – 2011/12 8:11 2007 – 2011 8:5 Figure 8-19 : Hino truck sales in Japan, 2007/08 – Table 8-6 : Domestic truck sales in South Korea, 2007 – 2011 8:5 2011/12 8:11 Figure 8-7 : Domestic truck sales in South Korea, Figure 8-20 : Hino commercial vehicle sales, Japan 2006 – 2010 8:5 and overseas, 2007/08 – 2011/12 8:11 Table 8-7 : Isuzu truck range 8:6 Table 8-18 : Hino sales revenue (¥bn), 2007/08 – Table 8-8 : Isuzu medium & heavy commercial vehicle 2011/12 8:11 production, 2008 – 2011 8:7 Figure 8-21 : Hino sales revenue (¥bn), 2007/08 – Figure 8-8 : Isuzu medium & heavy commercial vehicle 2011/12 8:11 production, 2008 – 2011 8:7 Table 8-19 +LQRRSHUDWLQJSUR¿WORVVDQGQHW Table 8-9 : Isuzu light commercial vehicle production, SUR¿WORVV EQ ± 8:11 2008 – 2011 8:7 Figure 8-22 +LQRRSHUDWLQJSUR¿WORVVDQGQHW Figure 8-9 : Isuzu light commercial vehicle production, SUR¿WORVV EQ ± 8:11 2008 – 2011 8:7 Table 8-20 : Mitsubishi Fuso truck range 8:12 Table 8-10 : Isuzu medium & heavy commercial vehicle Table 8-21 : UD Trucks model range 8:13 sales, 2008 – 2011 8:8 Table 8-22 : UD Trucks truck deliveries, 2007 – 2011 8:13 Figure 8-10 : Isuzu medium & heavy commercial vehicle sales, 2008 – 2011 8:8 Figure 8-23 : UD Trucks truck deliveries, 2007 – 2011 8:13 Table 8-11 : Isuzu light commercial vehicle sales, Table 8-23 : Hyundai truck range 8:14 2008 – 2011 8:8 Table 8-24 : Hyundai commercial vehicle sales, Figure 8-11 : Isuzu light commercial vehicle sales, 2007 – 2011 8:14 2008 – 2011 8:8 Figure 8-24 : Hyundai light commercial vehicle sales, Table 8-12 : Isuzu complete vehicle and CKD kit 2007 – 2011 8:15 shipments, 2007/08 – 2011/12 8:8 Figure 8-25 : Hyundai heavy commercial vehicle sales, Figure 8-12 : Isuzu complete vehicle and CKD kit 2007 – 2011 8:15 shipments, 2007/08 – 2011/12 8:8 Table 8-25 : Tata Daewoo truck range 8:15

Contents 9:1 Isuzu 9:7 Tables & Figures 9:2 MAN Truck & Bus 9:7 Economic background 9:3 UD Trucks 9:7 Population 9:3 Malaysia 9:7 Economic growth 9:3 Malaysian truck manufacturers 9:7 Interest rates 9:4 Daimler 9:7 Freight volumes 9:4 BMC 9:7 Truck production 9:5 Hino 9:7 Indonesia 9:5 Isuzu 9:7 Indonesian truck manufacturers 9:5 JAC 9:8 CNHTC 9:5 Scania 9:8 Daimler 9:5 Tata 9:8 Hino 9:6 Volvo 9:8 Isuzu 9:6 Vietnam 9:8 Nissan Diesel (UD Trucks) 9:6 Vietnamese truck manufacturers 9:8 Thailand 9:6 AvtoKRAZ 9:8 Thai truck manufacturers 9:6 Daimler 9:8 Daimler 9:6 Foton 9:8 Dongfeng 9:6 GAZ 9:8 Hino 9:6 Hino 9:8 Isuzu 9:6 Hyundai 9:8 Nissan Diesel (UD Trucks) 9:6 Isuzu 9:8 Tata 9:6 JAC 9:8 Volvo 9:6 KaMAZ 9:8 Philippines 9:6 MAZ 9:8 Philippines truck manufacturers 9:7 Myanmar 9:8 Daimler 9:7 Isuzu 9:8 Hino 9:7 Tata 9:8

Table 9-1 : Population data for ASEAN countries 9:3 Table 9-4 : Truck sales in Indonesia, 2010 – 2011 9:5 Table 9-2 : GDP growth and forecasts (%) in the Figure 9-4 : Truck sales in Indonesia, 2010 – 2011 9:5 ASEAN-5, 2009 – 2013 9:4 Table 9-5 : Truck sales in Thailand, 2010 – 2011 9:6 Figure 9-1 : GDP growth and forecasts (%) in the Figure 9-5 : Truck sales in Thailand, 2010 – 2011 9:6 ASEAN-5, 2009 – 2013 9:4 Table 9-6 : Truck sales in Philippines, 2010 – 2011 9:7 Figure 9-2 : Benchmark interest rates in ASEAN Figure 9-6 : Truck sales in Philippines, 2010 – 2011 9:7 countries, 2007 – 2012 9:4 Table 9-7 : Truck sales in Malaysia, 2010 – 2011 9:7 Table 9-3 : Truck production in the ASEAN-5, 2006 – 2011 9:5 Figure 9-7 : Truck sales in Malaysia, 2010 – 2011 9:7 Figure 9-3 : Truck production in the ASEAN-5, Table 9-8 : Truck sales in Vietnam, 2010 – 2011 9:8 2007 – 2011 9:5 Figure 9-8 : Truck sales in Vietnam, 2010 – 2011 9:8

Contents 10:1 Australian truck manufacturers 10:5 Tables & Figures 10:2 Caterpillar/NC2 10:5 Economic background 10:3 Product range 10:5 Population 10:3 Iveco 10:5 Economic growth 10:3 Product range 10:5 Interest rates 10:3 Paccar 10:5 Freight volumes 10:3 Product range 10:5 Truck production 10:4 Volvo 10:6 Truck sales 10:4 Product range 10:6

Table 10-1 : GDP growth and forecasts (%) in Australia Figure 10-4 : Truck (>3.5t GVW) sales in Australia, & New Zealand, 2009 – 2013 10:3 2007 – 2011 10:4 Figure 10-1 : GDP growth and forecasts (%) in Australia Table 10-4 : Truck registrations in New Zealand, & New Zealand, 2009 – 2013 10:3 2007 – 2011 10:4 Figure 10-2 : Australia’s benchmark interest rate, Figure 10-5 : Truck registrations in New Zealand, 2007 – 2012 10:3 2007 – 2011 10:4 Table 10-2 : Truck production in Australia, 2007 – 2011 10:4 Table 10-5 : Caterpillar Australia truck range 10:5 Figure 10-3 : Truck production in Australia, 2007 – 2011 10:4 Table 10-6 : Iveco Trucks Australia truck range 10:5 Table10-3 : Truck (>3.5t GVW) sales in Australia, Table 10-7 : Kenworth Trucks Australia truck range 10:5 2007 – 2011 10:4 Table 10-8 : Volvo Trucks Australia truck range 10:6

Contents 11:1 Product range 11:8 Tables & Figures 11:2 Sales performance 11:8 Economic background 11:3 Market share 11:8 Population 11:3 Financial performance 11:8 Economic growth 11:4 Ford 11:8 Interest rates 11:4 Financial performance 11:8 Freight volumes 11:4 GM-Isuzu 11:8 Truck production 11:5 Product range 11:9 Truck sales 11:6 Volvo 11:9 South American truck manufacturers 11:6 Product range 11:9 Agrale 11:6 Sales performance 11:9 Product range 11:6 Financial performance 11:10 MAN 11:7 Scania 11:10 Product range 11:7 Sales performance 11:10 Alternative powertrains and fuels 11:7 Financial performance 11:10 Sales performance 11:7 Iveco 11:10 Market share 11:7 Product range 11:10 Financial performance 11:7 Navistar International 11:11 Daimler 11:8

Table 11-1 : Population and GDP per capita in selected South Figure 11-6 : MAN market share (%) of trucks >5t American countries, 2011 11:4 GVW in Brazil, 2007 – 2011 11:7 Table 11-2 : Annual GDP growth and forecasts (%), 2009 – 2013 11:4 Figure: 11-7 : MAN Latin America revenue and Figure 11-1 : Annual GDP growth and forecasts (%), RSHUDWLQJSUR¿W ¼P ± 11:7 2009 – 2013 11:4 Table 11-9 : Mercedes-Benz Brazil truck range 11:8 Figure 11-2 : Benchmark interest rates in South America, Table 11-10 : Daimler trucks sales in Latin America, 2007 – 2011 11:8 2007 – 2012 11:4 Figure 11-8 : Daimler trucks sales in Latin America, 2007 – 2011 11:8 Table 11-3 : Freight volume CAGR (%) in South America, Figure 11-9 : Daimler’s truck market share in Brazil, 2008 – 2011 11:8 2004 – 2014 11:4 Table 11-11 : Ford Brazil truck range 11:8 Figure 11-3 : Freight volume CAGR (%) in South America, 2004 – 2014 11:5 Table 11-12 : GM-Isuzu truck range 11:9 Table 11-4 : Freight volume share (%) by mode in South Table 11-13 : Volvo South America truck model range 11:9 America, 2009 11:5 Table 11-14 : Volvo truck deliveries in South America, Figure 11-4 : Freight volume share (%) by mode in 2007 – 2011 11:9 South America, 2009 11:5 Figure 11-10 : Volvo truck deliveries in South Table 11-5 : Heavy truck production in South America America, 2007 – 2011 11:9 by country, 2007 – 2011 11:5 Table 11-15 : Volvo truck sales revenue (SEKbn) in Figure 11-5 : Heavy truck production in South America South America, 2007 – 2011 11:10 by country, 2007 – 2011 11:5 Figure 11-11 : Volvo truck sales revenue (SEKbn) in Table 11-5a : Brazil - Production of trucks (6t gvw) South America, 2007 – 2011 11:10 2011 v 2010 11:5 Table 11-16 : Scania truck range 11:10 Table 11-5b: Brazil - Sales of trucks (6t gvw and above) by Table 11-17 : Scania truck deliveries in Latin America, manufacturer (includes imported vehicles) for 2011 v 2010 11:6 2007 – 2011 11:10 Table 11-6 : Agrale truck range 11:6 Figure 11-12 : Scania truck deliveries in Latin America, Table 11-7 : MAN Latin America truck range 11:7 2007 – 2011 11:10 Table 11-8 : MAN market share (%) of trucks >5t GVW Table 11-18 : Iveco Brazil range 11:10 in Brazil, 2007 – 2011 11:7 Table 11-19 : International brand trucks 11:11

Contents 12:1 Alternative fuels 12:17 Tables & Figures 12:2 Sales performance 12:17 Economic background 12:3 Financial performance 12:17 Population 12:3 Volvo 12:17 Economic growth 12:3 Manufacturing facilities 12:18 Interest rates 12:4 Product range 12:18 US truck weight classes 12:4 Alternative powertrains 12:18 Freight volume 12:4 Alternative fuels 12:18 Truck production 12:4 Sales performance 12:18 Truck sales 12:5 Financial performance 12:19 Market shares 12:5 Isuzu 12:19 North American truck manufacturers 12:6 Product range 12:19 Daimler Trucks North America 12:6 Alternative powertrains 12:19 Manufacturing facilities 12:6 Alternative fuels 12:19 Product range 12:7 Sales preformance 12:20 Alternative powertrains 12:7 Financial performance 12:20 Alternative fuels 12:7 Chrysler 12:20 Sales performance 12:7 Product range 12:20 Financial performance 12:8 Alternative powertrains 12:20 Outlook 12:8 Alternative fuels 12:20 Navistar International 12:8 Sales performance 12:20 Corporate structure 12:9 General Motors 12:21 Global strategy 12:9 Product range 12:21 Manufacturing facilities 12:10 Alternative powertrains 12:21 Product range 12:10 Alternative fuels 12:21 Alternative powertrains 12:11 Sales performance 12:21 Alternative fuels 12:11 Financial performance 12:22 Sales performance 12:11 North American specialty truck manufacturers 12:22 Financial performance 12:12 American LaFrance 12:22 Outlook 12:12 Product range 12:22 Paccar 12:12 6DOHV¿QDQFLDOSHUIRUPDQFH 12:22 Corporate structure 12:13 Crane Carrier 12:22 Global strategy 12:13 E-One 12:22 Manufacturing facilities 12:14 Oshkosh 12:22 Product range 12:14 Product range/companies owned 12:22 Alternative powertrains 12:15 Alternative powertrains 12:22 Alternative fuels 12:15 Alternative fuels 12:23 Sales performance 12:15 Corporate structure 12:23 Financial performance 12:15 Financial performance 12:23 Outlook 12:16 Spartan Chassis 12:23 Ford 12:16 Product range 12:23 Product range 12:16 6DOHV¿QDQFLDOSHUIRUPDQFH 12:23

Table 12-1: NAFTA population (millions), 2007 – 2011 12:3 Table 12-16: Navistar revenue (US$bn), 2007 – 2011 12:12 Table 12-2: NAFTA GDP growth and forecasts (%), Figure 12-15: Navistar revenue (US$bn), 2007 – 2011 12:12 2007 to 2013 12:3 7DEOH1DYLVWDUQHWSUR¿WORVV 86P ± 12:12 Figure 12-1: NAFTA GDP growth and forecasts (%),

2007 to 2013 12:3 )LJXUH1DYLVWDU,QWHUQDWLRQDOQHWSUR¿WORVV (US$m), 2007 – 2011 12:12 Figure 12-2: Benchmark interest rates in NAFTA, Table 12-18: Paccar North American truck plants 12:14 2006 – 2012 12:4 Table 12-19: Kenworth truck range 12:14 Table 12-3: US truck weight classes 12:4 Table 12-20: Peterbilt truck range 12:14 Table 12-4: Average Cass Freight Volume Index, 2007 – 2011 12:4 Table 12-21: Paccar new truck deliveries by region, 2008 – 2011 12:15 Figure 12-3: Average Cass Freight Volume Index, 2007 – 2011 12:4 Figure 12-17: Paccar new truck deliveries by region, 2008 – 2011 12:15 Table 12-5: Heavy truck (>9t) production in NAFTA, 2007 – 2011 12:4 Table 12-22: Paccar Group revenue (US$bn), 2007 – 2011 12:15 Figure 12-4: Heavy truck (>9t) production in NAFTA, 2007 – 2011 12:5 Figure 12-18: Paccar Group revenue (US$bn), 2007 – 2011 12:16 Table 12-6: US Class 4 to Class 8 truck sales, 2007 – 2011 12:5 Table 12-23: Paccar Group net income (US$m), Figure 12-5: US Class 4 to Class 8 truck sales, 2007 – 2011 12:16 2007 – 2011 12:5 Figure 12-19: Paccar Group net income (US$m), Table 12-7: Medium and heavy truck sales in Canada, 2007 – 2011 12:16 2007 – 2011 12:5 Table 12-24: Ford pick-up, van and truck range 12:16 Figure 12-6: Medium and heavy truck sales in Canada, Table 12-25: Ford truck sales in the US by weight class, 2007 – 2011 12:5 2007 – 2011 12:17 Figure 12-7: US Class 8 truck market shares, Figure 12-20: Ford truck sales in the US by weight class, 2007 – 2011 12:5 2007 – 2011 12:17 Figure 12-8: US Class 6/7 market shares, 2007 – 2011 12:6 Table 12-26: Volvo Truck range in North America 12:18 Figure 12-9: US Class 4/5 market shares, 2007 – 2011 12:6 Table 12-27: Volvo truck deliveries in North America, Table 12-8: Daimler Trucks North America 2007 – 2011 12:18 manufacturing facilities 12:6 Figure 12-21: Volvo Group truck deliveries in North Table 12-9: Freightliner truck range 12:7 America, 2007 – 2011 12:18 Table 12-10: Daimler Trucks unit sales in NAFTA, Table 12-28: Volvo Truck sales revenue (SEKbn) by 2007 – 2011 12:8 region, 2007 – 2011 12:19 Figure 12-10: Daimler Trucks unit sales in NAFTA, Table 12-22: Volvo Truck sales revenue (SEKbn) in North 2007 – 2011 12:8 America, 2007 – 2011 12:19 Table 12-11: Daimler Trucks revenue (€bn), Table 12-29: Isuzu North American truck range 12:19 2006 – 2011 12:8 Table 12-30: Isuzu truck sales in the US by weight Figure 12-11: Daimler Trucks revenue (€bn), class, 2007 – 2011 12:20 2006 – 2011 12:8 Table 12-23: Isuzu truck sales in the US by weight Table 12-12: Daimler Trucks EBIT (€bn), class, 2007 – 2011 12:20 2006 – 2011 12:8 Table 12-31: Ram truck range 12:20 Figure 12-12: Daimler Trucks EBIT (€bn), Table 12-32: Chrysler Class 5 truck sales in the US, 2006 – 2011 12:8 2007 – 2011 12:20 Figure 12-13: Daimler Trucks operating margin (%), Figure 12-24: Chrysler Class 5 truck sales in the US, 2006 – 2011 12:8 2007 – 2011 12:21 Table 12-13: Navistar Truck & Engine manufacturing Table 12-33: General Motors pick-up, van and plants 12:10 truck range 12:21 Table 12-14: Navistar truck range 12:11 Table 12-34: GM truck sales in the US by weight class, Table 12-15: Navistar truck deliveries in the US & 2007- 2011 12:21 Canada, 2007 – 2011 12:11 Figure 12-25: GM truck sales in the US by weight class, Figure 12-14: Navistar truck deliveries in the US & 2007- 2011 12:21 Canada, 2007 – 2011 12:12 7DEOH$PHULFDQ/D)UDQFH¿UHHQJLQHFKDVVLV 12:22