Source: Financial Times [UK]
“Volvo Cars has nearly halved its annual sales growth forecast, warning that the industry ‘will remain under pressure’ amid a slowdown in vehicle demand and geopolitical turbulence. The Swedish group, which is majority-owned by Chinese carmaker Geely, said it now expected retail sales to rise 7-8 per cent this year, down from guidance in July of 12-15 per cent — itself a downward revision. As a result, the company now expects its free cash flow to remain negative for the year. Shares in the company fell 2.5 per cent in early trading on Wednesday in Stockholm before recovering slightly to be roughly 1.7 per cent down.” (10/23/24)