Volvo Cars will book a one-off charge of SKr11.4bn ($1.2bn) as the Swedish group forecast smaller profits from two critical vehicle models due to US President Donald Trump’s car tariffs and launch delays.
The Geely-owned group is heavily exposed to higher import tariffs in the US and Europe and has already announced a cut of 3,000 jobs globally to save costs.
Volvo Cars on Monday blamed the non-cash impairment charge on launch delays and additional development costs for its flagship EX90 sport utility vehicle, which led to lower margins.
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