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preCharge News BUSINESS — Swedish vehicle manufacturer Volvo said on Wednesday that its net sales contracted by 7% year on year in the first quarter of 2025, citing U.S. President Donald Trump’s tariffs regime.

Vehicle sales were 9% lower on an annual basis, the company said, while the underlying service business had grown by 2% from the previous year.

“As the quarter went by, there was increased uncertainty surrounding tariffs and their effect on global trade,” Martin Lundstedt, President and CEO of Volvo, said in a statement alongside the quarterly report.

“The lower vehicle volumes affected our profitability, but we nonetheless generated an operating income of SEK 13.3 billion ($1.39 billion) with a margin of 10.9%.”

A year earlier, quarterly operating income came in at 18.2 billion Swedish krona, while Volvo’s operating margin had stood at 13.8%.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.

This is a developing news story. More information will be provided as soon as it becomes available.