Sweden-based automaker Volvo Car Group reported a smaller-than-expected fall in first-quarter operating earnings on Thursday and said while overall demand remained healthy it may still cut costs as the global economy slows down.
reported a smaller-than-expected fall in first-quarter operating earnings on Thursday and said while overall demand remained healthy it may still cut costs as the global economy slows down.
The automaker reaffirmed its outlook for "solid double-digit growth" in retail sales this year, provided there were no major supply disruptions. "Given the long-term nature of the headwinds our industry is likely to face, we are also evaluating the need for further targeted cost actions that are sustainable over time and that will contribute to our growth," Rowan said in a statement.
Automakers such as Volvo have begun slowly emerging from an extended period of supply chain pain, not least chip shortages and production disturbances in China, which have hit output and driven up costs.
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