STOCKHOLM ― Sweden's Volvo Cars on Wednesday drastically cut its sales forecast for the year, saying car markets in China, Europe and the United States are 'increasingly under pressure.'The Chinese-owned automaker reported a net profit of 4.4 billion kronor for the third quarter, up from 3.2 billion kronor for the same period in 2023.However, Volvo Cars said it expected to see minimal growth in the fourth quarter.
5 billion kronor for the third quarter of 2023.'The car market in our main regions of China, Europe and the US is increasingly under pressure which affects demand,' Rowan said.The CEO added that sales in the first nine months of the year had grown by 10 percent, which still put the company in a position 'to outgrow the premium car market in 2024, which is expected to grow by less than one percent this year.