Dollar also boosted by strong economic data; Deutsche Bank reports higher profits after settling some of the Postbank-related lawsuits
Volvo Cars has said it expects sales growth to stall through to the end of the year as demand drops across the global car industry. The Swedish carmaker said it will experience “minimal volume growth during the fourth quarter”, and cut its forecasts for sales across the whole year. It said it expects sales growth of 7% and 8%, down from an earlier forecast of 12% to 15%.
Car companies around the world are battening down the hatches as sales slow, amid higher interest rates and slowing economies in some key markets. The slowdown has also prompted several companies to slow their transition to battery electric vehicles, because manufacturers for now make less money on the cleaner technology compared to petrol and diesel. Volvo last month delayed its plan to sell only battery electric cars by 2030, opting instead to continue to sell hybrids.
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