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Volvo tempers expectations - and sells almost half as BEV and PHEV

(dpa/AFX) Geely's subsidiary Volvo Cars lowers sales target due to weaker demand. Reference to tariffs and weaker expected demand. Almost half are BEV and PHEV models.

Slight Skid Mark: Thanks to its electric vehicles, Volvo earns more than analysts expected. Recently, the new E-SUV flagship EX90 launched, prudently alongside the combustion SUV XC90, which was reissued after all. | Photo: Volvo Cars
Slight Skid Mark: Thanks to its electric vehicles, Volvo earns more than analysts expected. Recently, the new E-SUV flagship EX90 launched, prudently alongside the combustion SUV XC90, which was reissued after all. | Photo: Volvo Cars
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The Swedish car manufacturer Volvo Cars is becoming more cautious for the current year due to weaker demand. Sales are expected to increase by only seven to eight percent in 2024, the company announced on Wednesday in Gothenburg. Previously, Volvo Cars had targeted an increase of up to 15 percent. In the final quarter, sales are expected to rise only "minimally."

Volvo Cars had already pointed to an uncertain global economy and tariffs on electric vehicles from China last month. Furthermore, the company had tempered its margin targets for the coming years as a result of an adjusted electric car strategy. The Swedish car manufacturer belongs to the Chinese group Geely and has part of its production in the Asian country.

Meanwhile, Volvo earned more operationally than analysts expected in the third quarter, thanks to robust demand for models with batteries. Sales rose by 3 percent to 172,849 vehicles during the reporting period. Fully electric and plug-in hybrid vehicles accounted for 48 percent of total sales. Additionally, automakers Volkswagen, Stellantis, Mercedes-Benz, and BMW had lowered their profit expectations in recent weeks.

Translated automatically from German.
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