Sweden-based Volvo Cars reported a fall in fourth-quarter operating profit excluding items affecting comparability on Thursday and said its turnaround plan is on track but the external environment is challenging.
Operating profit excluding items affecting comparability fell to 1.8-billion crowns (R3.2bn) from a year-earlier 5.6-billion (R10.03bn) due to trade tariffs, weak demand, price pressure and the removal of electric vehicle incentives in the US.
CEO Hakan Samuelsson said in a statement the group, which is majority-owned by China’s Geely Holding, aims to return to year-on-year volume growth in 2026.
Reuters
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