Volvo Car

The decline is primarily driven by further deteriorating market conditions in China and slower than expected recovery in the US, while Europe remains resilient.

These developments will also have a significant negative impact third quarter core earnings and cash flow, beyond the previously communicated headwinds on raw materials, FX and increased amortisation and depreciation levels.

As a result of the increased market uncertainty, Volvo Cars has also taken the decision not to provide any updated short-term forward-looking statement.

 Volvo Cars is taking further decisive actions to improve and accelerate execution of our strategic roadmap in this challenging environment and will share more details when it reports its third quarter financial results on October 23.

The removal of short-term forward-looking statements has no impact on the long-term strategic ambitions laid out during the recently held Strategy Update of reaching strong positive cash flows and structurally building a company delivering 8 % EBIT margin.