Geely

[STOCKHOLM] Volvo Cars scrapped its target of selling more cars this year due to a sharper-than-expected deterioration in China which cut into profitability in the second quarter.

The country’s bottom-up model produced some of its most successful companies but also created excess capacity

Officials are now discussing whether to give various Chinese manufacturers a specific allocation within the 49,000 vehicles

But partnering local companies carries big risks

Net income declines to 4.2 billion yuan in the three months ended Mar 31, compared with 5.7 billion yuan in the year-ago period

The surge in oil prices due to the Iran war has driven gains in shares of electric vehicle and battery makers as alternative-energy plays

Trump administration officials appear reluctant to remove current barriers to Chinese cars

Large-scale delivery and deployment of the Eva Cab is expected in 2028 before the fleet expands to 100,000 by 2030: CEO of ride-hailing arm

The company is one of China’s largest carmakers, with some of the country’s best-selling EV models