The logo of Volvo on display at the Everything Electric exhibition at the ExCeL London International Exhibition and convention center in London, Britain, March 28, 2024. REUTERS
STOCKHOLM, Oct 23 (Reuters) – Sweden-based Volvo Cars (VOLCARb.ST), and reported a rise in third-quarter operating profit on Wednesday but cut its full-year sales growth forecast amid accelerating market weakness.
Volvo Cars said it now expects to grow its retail sales by between 7-8% this year, down from a previous outlook from July of 12-15% growth.
Operating profit at the company, which is majority-owned by China’s Geely, was 5.8 billion Swedish crowns ($550.30 million) against a year-earlier 4.5 billion.
Excluding joint ventures and associates, the profit fell to 5.7 billion Swedish crowns against a year-earlier 6.1 billion.
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Reporting by Marie Mannes, editing by Terje Solsvik
