Update: It appears the crash in orders was overstated because of some issues with the order book and the way it was accounted for. For those really interested you can click on the link below which is Volvo's 3rd quarter 10-Q and read page 11.
Mikey brought this to my attention and my jaw dropped. I thought everyone should see it. Most of these heavy trucks were probably related to construction and mining. Extrapolate this to related companies that feed this industry and you can see why these companies are cliff dicing. I.e. Terex
Volvo said it received 115 order bookings for heavy trucks in Europe in the quarter, down from 41,970 trucks a year earlier.
``The downturn in demand in Europe has been more severe than previously expected,'' Chief Executive Officer Leif Johansson said in the statement. Customers have ``increasingly opted to cancel already placed orders.''
Volvo said the construction equipment division, the second- largest after trucks, posted a 44 percent decline in its order book in the third quarter and that ``there are increasing sings of demand weakening also in markets outside Europe and North America.''