The truck maker’s earnings fell sharply, missing analysts’ expectations, as sales declined 7% and deliveries fell 12% amid increasing uncertainty about tariffs.

Truck maker Volvo lowered its North America market outlook on Wednesday, pointing to increased uncertainty around tariffs and their impact on global trade, as it reported a bigger-than-expected fall in first-quarter profit.

Swedish truck maker AB Volvo reported a bigger-than-expected fall in first-quarter operating profit on Wednesday and lowered its North America truck market outlook for 2025. Operating profit was 13.26 billion crowns ($1.