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World number two truck maker Volvo has posted a deeper than expected first-quarter operating loss and consequently cut its market outlook, forecasting a huge contraction in demand on both sides of the Atlantic.

In money terms it translates to a first quarter loss of around 4.53 billion Swedish Kronor or 400 million euros, compared to a year-ago profit of 6.4 billion or 600 million euros. Volvo shares fell by more than five percent after the news.

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