Volvo Cars cuts full-year growth outlook on market slowdown

STOCKHOLM (Reuters) – Sweden-based Volvo (OTC:VLVLY) Cars 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.

($1 = 10.5397 Swedish crowns)