Volvo Cars cuts full-year growth outlook on market slowdown
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The logo of Volvo on display at the Everything Electric exhibition at the ExCeL London international exhibition and convention centre in London, Britain, March 28, 2024. REUTERS/Peter Cziborra/ File Photo
STOCKHOLM (Reuters) - Sweden-based Volvo Cars reported a rise in third-quarter operating profit on Wednesday but cut its full-year sales growth forecast amid accelerating market weakness.
Volvo Cars said it now expects to grow its retail sales by between 7-8% this year, down from a previous outlook from July of 12-15% growth.
Operating profit at the company, which is majority-owned by China's Geely, was 5.8 billion Swedish crowns ($550.30 million) against a year-earlier 4.5 billion.
Excluding joint ventures and associates, the profit fell to 5.7 billion Swedish crowns against a year-earlier 6.1 billion.
($1 = 10.5397 Swedish crowns)
(Reporting by Marie Mannes, editing by Terje Solsvik)
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