Volvo’s October Truck Sales Decline on Slow Demand

Volvo AB said its worldwide truck sales fell 12% in October as demand in the U.S. and Europe slumped, Bloomberg reported Tuesday.

Total sales were 22,136 units, Volvo said. Sales of Volvo brand trucks fell 5% to 9,410 units, while Mack Truck sales fell 30%. Renault brand truck sales fell by 26%.

Volvo said its European sales suffered from order cancellations, while U.S. truck sales were hurt by the continuing credit crunch, Bloomberg reported.