The company attributed this downturn to weaker demand in the United States market.
Net profit after tax decreased by 25% to 7.6 billion kronor ($804 million) during the quarter.
Chief Executive Martin Lundstedt acknowledged the challenging market conditions in the company’s earnings statement.
He further explained that the Volvo Group experienced net sales growth in Europe during the quarter.
The company noted that North American customers are adopting a cautious approach due to multiple factors.
Uncertainty about upcoming US emission standards scheduled for 2027 is also affecting purchasing decisions.
Volvo Group anticipates a substantial financial impact from these tariffs in the coming months.
The company expects to face a one-billion-kronor hit from tariffs during the final quarter of this year. – AFP
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