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Swedish truck maker Scania AB’s first-quarter net income fell 93% on lower demand, the Associated Press reported Monday.

Its profit fell to $22.1 million, from $300 million a year ago, as customers delayed orders, AP reported. Sales fell 28% to $1.95 billion.

Scania is controlled Porsche SE, through its 50.8% ownership in Volkswagen AG, which holds about 46% of the capital and 71% of the votes in the company, AP said.

Volkswagen became the company’s largest investor last year when Investor AB sold its stake in Scania to Volkswagen.