Volvo Cars lowers 2024 retail sales forecast due to EU tariffs on Chinese-made electric vehicles.
Volvo Cars has lowered its 2024 retail sales forecast to 12%-15% growth, down from 15%, due to EU tariffs on Chinese-made electric vehicles. The company, owned by China's Geely, faces a 19.9% tariff on its fully-electric EX30 model manufactured in China, prompting a shift in production to Belgium. This comes amid better-than-expected second-quarter results, which led to a 6% increase in share prices during morning trade.
July 18, 2024
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