Volvo Cars withdraws forecast as deliveries fall
Volvo Cars reported an 11% year-on-year decline in third-quarter worldwide deliveries to 141,609 units and removed its annual sales volume and operating cash flow guidance, prompting a selloff that pushed shares to a new 52-week low of 14.32 crowns. China deliveries tumbled 41% to just above 20,000 units and U.S. deliveries fell 14% to 30,777, while Europe saw a 2% retail rise and a 51% jump in battery-electric deliveries. The company also corrected prior quarter accounting figures and said a new chief executive will join within the next twelve months.
Volvo withdrew annual guidance after global deliveries fell 11%.
Context
Volvo's third-quarter deliveries fell and the company stopped giving annual forecasts.…
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