In its Q3 earnings report, the Volvo Group reported that new financing volume was SEK 13.3 billion ($1.57 billion), down from SEK 13.6 billion ($1.6 billion). In addition, order intake in the trucking sector decreased by 15% and construction equipment volumes fell by 25%.

In total, 11,922 units were financed in Q3/15, a drop from 13,315 compared to last year. In markets where financing is offered, Volvo said the average penetration rate in Q3/15 was 26% versus 29% in the same quarter in 2014.

On the trucking side, there was growth in Europe, with an increase of 11% in orders in the region. However, Volvo noted that demand is slowing in the North American market, which had only 10,745 orders in the quarter, compared to 17,772 last year, a 40% fall. Additionally, the weak market in Brazil and China drove the decrease in net orders in the quarter. Despite the drop in orders in such key segments, net sales amounted to just over SEK 50 million ($5.89 million) in the quarter, an 11% jump from the same time period a year ago.

Net orders for construction equipment declined across all markets for Volvo in the quarter. South America suffered the most prodigious drop, with only 248 net orders in Q3/15, a 79% tumble from the same time period last year. North America endured a 25% drop. Fewer orders led to a 6% decrease in net sales.