Volvo Trucks, the heavy truck manufacturer, reported a decline in sales for the first quarter, particularly in the North American market, where sales dropped by 13%.
Overall, the group’s sales fell by 7% to 121.79 billion Swedish kronor (more than €11 billion).
Its operating profit decreased by 25% year-on-year to 13.3 billion kronor (around €1.2 billion), falling short of analysts’ expectations.
Volvo stated on Wednesday, during the release of its results, that U.S. tariffs have led many buyers to delay purchases.
As a result, the company has downgraded its sales forecast for North America and now expects to sell 275,000 vehicles, down from the initial 300,000.
Earlier this week, Volvo announced plans to cut nearly 800 jobs across its three U.S. factories, citing "ongoing uncertainty."
Volvo Trucks operates a plant in Ghent.
