Stockholm - Swedish heavy-vehicle maker Volvo Tuesday reported a 12-per-cent drop in year-on-year deliveries of trucks in October.

Gothenburg-based Volvo said it delivered 22,136 trucks during the month.

Citing the prevailing financial uncertainty, the group said "customers continue to be very cautious and are in many cases waiting with their investment decisions."

Demand continued to be weak in Europe and North America, but also in other markets, Volvo said.

In Europe deliveries dropped 28 per cent in October while they fell 21 per cent in North America.

Volvo said it was preparing to reduce production during the fourth quarter for Volvo Trucks and Renault Trucks.

In Asia deliveries increased by 33 per cent and in Latin America by 21 per cent.

The Volvo group does not include the Ford-owned car division.

Volvo has recently announced several job cuts.

Earlier this month it said 900 jobs were to go from its Volvo Powertrain division, which makes engines and gearboxes used in its heavy vehicles as well as construction machinery. (dpa)