Making Financial Headlines · Page 10
Volvo's Forecast Meets a Faster Slowdown
· New York time
Volvo Cars shares plunged 24% after its chief executive said the China sales slump came faster than expected. The Swedish automaker also cited tougher conditions in China and the United States that negatively affected free cash flow. The U.S. pressure makes the report relevant beyond the company's home market. Difficult conditions in two major auto markets complicate its business assessment. The forecast appears to have been traveling at a comfortable speed when the actual sales environment passed it, leaving management to update the navigation.
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