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Volvo AB’s third-quarter earnings declined as slower truck sales outside of North America offset gains in that region, the company said Wednesday.
Net earnings fell 64% to $206 million, Bloomberg reported, citing Volvo, which reports its earnings in Swedish kronor. Sales fell 6.2% to $10 billion.
“Sales for the Volvo Group were impacted by the weakening in demand that has become increasingly evident around the globe,” CEO Olof Persson said.
“To respond to declining demand and increasing inventories, we decided to adjust our production rates down in several parts of the company,” he said in a statement.
Volvo, which makes Volvo and Mack brand trucks in the United States, said its third-quarter North American net truck sales rose 14% year-over-year to 10,132 units, while year-to-date net sales rose 33% to almost 34,000 units over the same period last year.