Volvo Car AB reported weaker Q1 earnings as declining EV demand in the US and tougher competition in China hit sales. The automaker now looks to its new EX60 SUV to support recovery.
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Volvo Car AB’s earnings declined in the first quarter as the Sweden-based automaker grapples with waning electric-vehicle sales in the US and rising competition in China.
The carmaker controlled by China’s Geely posted an earnings before interest and tax margin of 2.2%, down slightly from the year-earlier period. Revenue dropped after its retail unit sales fell 11%, Volvo said Wednesday.
The manufacturer is betting on its new EX60 electric SUV to help drive a recovery. Unveiled in January, the model has seen strong early demand in Europe, prompting the carmaker to ramp up production at its Torslanda plant in Sweden.
The carmaker controlled by China’s Geely posted an earnings before interest and tax margin of 2.2%, down slightly from the year-earlier period. Revenue dropped after its retail unit sales fell 11%, Volvo said Wednesday.
The manufacturer is betting on its new EX60 electric SUV to help drive a recovery. Unveiled in January, the model has seen strong early demand in Europe, prompting the carmaker to ramp up production at its Torslanda plant in Sweden.
(Edited by : Vivek Dubey)