Overview
- The company reported on Friday that third-quarter global deliveries fell 11% year-on-year to 141,609 vehicles.
- China sales plunged about 41% to just over 20,000 units and the company said the downturn showed no sign of easing.
- U.S. deliveries dropped roughly 14% to about 30,777 vehicles as demand for premium and electrified models remained weak.
- Europe was the only regional bright spot with retail volumes up 2% to 90,548 units and battery-electric deliveries rising 51%.
- Volvo withdrew its full-year sales-volume and operating cash-flow guidance, its shares hit a record low near 14.32 crowns, and management must now manage profit and cash pressure while preparing a planned CEO transition.