The loss is even higher than the same period last year, when Volvo showed a 336 million dollar set-back.
But CEO Leif Johansson sees glimmers of a recovery in sight. Orders jumped 19 percent between the third and fourth quarters of 2009.
"The market had probably already turned around by the first half of 2009, and now we find ourselves in the midst of a recovery," he told TT.
The Volvo Group is separate entity than Volvo Cars, which is in the process of being sold to Chinese Geely by US owner Ford Motors.