Volvo AB cut its outlook for the North American truck market for the third time this year after stagnant freight volumes and excess inventory drove orders in the region down by nearly one-third in the second quarter.
Truck orders in North America fell 29%, and manufacturers as a whole will probably sell about 240,000 vehicles there this year, the Gothenburg, Sweden-based company said July 19 in a statement. That’s 10,000 less than its previous forecast and would be 20% fewer than in 2015.
