UBS has upgraded AB Volvo to a Buy, citing that the consensus for the European truck market is overly pessimistic. As the leading European truck manufacturer and third worldwide, Volvo's net sales are primarily driven by truck sales (68.4%), with significant contributions from construction equipment (16.8%) and financial services (5.1%). Geographically, sales are distributed with 41.1% in Europe, 30.8% in North America, and the remainder across Asia, South America, Africa, and Oceania.