The AP reports a massive drop in orders for Volvo trucks from Sweden. Net orders for 3rd quarter 2007 were 42,000. This year it’s 115. One hundred fifteen, period. Third quarter profit sank by 37%.

The company said it expected the European truck market to grow between zero and 5 percent in 2008, down from an earlier estimate of 10 percent. The North American truck market would decline by 10 percent this year, Volvo said, downgrading its earlier forecast of a flat market.

Danske Bank analyst Carl Holmquist said the results were significantly below what the market had expected, especially the slowdown in the order intake.

“Volvo has driven into the recession a little bit too fast,” he said.

I had no idea the extent of Volvo Group. I see their trucks on the road in the US all the time, but didn’t know they also own Mack Truck, Renault Truck and Nissan Diesel. Of course, the auto division was sold to Ford a while ago.