Volvo Cars sales down 6%, revenue drops to $8.05 billion
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Volvo Cars saw a 6% drop in sales this quarter, with just 171,500 vehicles sold and revenue falling to $8.05 billion.
CEO Hakan Samuelsson pointed to weaker demand in China and the ongoing Middle East conflict as big reasons for the slowdown, saying these issues have really shaken up the auto industry.
Volvo Cars trims about 3,000 jobs
Even with these setbacks, Volvo is hopeful for a rebound later this year thanks to steady growth in the US and Europe.
The company is making progress on cost-cutting actions, trimming about 3,000 jobs since last year to help weather global volatility.
With economic uncertainty still looming, Volvo is focusing on staying lean and ready for whatever comes next.