Truck Orders Plunge 45% for AB Volvo

Commercial truck maker AB Volvo says orders for its vehicles dropped 45% in the third quarter.

The company predicts that heavy-duty truck markets in North America and Europe will shrink by 29% and 14% in 2020. Volvo Trucks says it cut production during the period and will do so again over the next several quarters.

Because deliveries trail orders by many weeks, the company’s net sales in July-September rose 7% to 99 billion kronor ($10.3 billion), and adjusted operating income in grew 7% year on year to 10.9 billion kronor ($1.1 billion).