STORY: Volvo slashed its margin and revenue ambitions for the second time in a year on Thursday (September 5).
It comes a day after the Swedish carmaker, which is majority-owned by China's Geely, gave up on its electric vehicle-only target due to the impact of tariffs and lower demand for EVs
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EU, U.S. and Canadian tariffs on electric cars made in China have made market conditions increasingly difficult for automakers.
Overall demand for EVs has also slowed partly because of a lack of affordable models.
Volvo Cars lowered its target for operating profit margin excluding joint ventures and associates to 7-8% from above 8%.
It also scrapped a sales goal of up to $58.4 billion, instead saying it expected to outgrow the premium car market.
Volvo walked back margin and revenue goals on another occasion earlier this year.
In January, it gave up a target for annual sales of 1.2 million cars annually by mid-decade, which was first announced three years ago.
Shares in Volvo Cars were up 3% early Thursday, having fallen sharply the previous day on news of the abandoned EV target.
