Volvo Group is preparing for more output cuts after forecasting a slump in truck deliveries next year in North America and Europe on weaker demand. The shares declined as much as 5%, the most in a year.

Orders for heavy trucks slumped 45% from a year earlier, more than analysts had expected, and deepening a drop from the the second quarter. For next year, Volvo expects the North American market to decline by 29% and Europe by 14%, after above-average demand in both regions.

“The correction that we have anticipated is coming in our main markets,” Chief Executive Officer Martin Lundstedt said in Stockholm. “What we see for these markets is that they are coming down to a replacement level.”

Truckmakers are preparing for leaner times as the truck cycle turns. Last week, the IMF made a fifth-straight reduction to its 2019 global economic forecast, citing trade tensions for its weakest view since 2009. As a result, Volvo’s customers are holding back on investments, Lundstedt said, foreshadowing “action” to maintain “good” profitability.