{"text":[[{"start":8.3,"text":"Volvo Cars has issued a profit warning and pulled its annual guidance, becoming the latest European carmaker to warn investors of a further decline in sales in China."}],[{"start":18.35,"text":"The Swedish group said the market downturn in China and a slower than expected recovery in the US would have “a significant negative impact” on quarterly core earnings and cash flow. Third-quarter vehicle deliveries fell by 11 per cent year on year."}],[{"start":33.85,"text":"The profit warning comes as European manufacturers have been hit by intense competition from Chinese rivals, higher US tariffs and rising raw-material costs caused by the conflict in the Middle East. "}],[{"start":46.2,"text":"In China, which has long been one of the biggest sales drivers for the industry, the market has come under pressure from cut-throat price competition between domestic carmakers while higher fuel prices have led to a dramatic decline in demand for internal-combustion-engine vehicles."}],[{"start":61.7,"text":"A string of other European carmakers including BMW, Mercedes-Benz and Volkswagen have issued profit warnings in recent months, citing worsening conditions in the world’s largest car market as the collapse in petrol vehicle sales has been compounded by slower EV sales."}],[{"start":79.1,"text":"Volvo, which is owned by China’s Geely, had previously forecast full-year growth in sales volume and cash flow. Shares in the carmaker fell more than 4 per cent in morning trading on Friday. "}],[{"start":90.89999999999999,"text":"“The market downturn in China showed no signs of easing, and the recovery in the US premium segment remained below our earlier expectations,” said Erik Severinson, chief commercial officer. "}],[{"start":102.85,"text":"Klaus Zellmer, the former boss of Škoda, is set to take over as chief executive by October next year, replacing current head Håkan Samuelsson, who came out of retirement in 2025. Under Zellmer’s tenure, Škoda replaced Porsche as the biggest contributor to parent company Volkswagen’s profits."}],[{"start":121.19999999999999,"text":"Volvo said it would take “further decisive actions” to improve its performance following a recent freeze on the hiring of new white-collar jobs globally. "}],[{"start":131.39999999999998,"text":"It said the European market remained “resilient”. But auto industry analyst Matthias Schmidt noted that only 39 of its new EX60 electric SUVs had been delivered in Sweden in September. "}],[{"start":144.34999999999997,"text":"“If they do have an issue, it could be huge, given consumers are likely looking to transition to battery EVs at a faster rate given the pump price anxiety and their peers that have had a better ramp-up, particularly BMW,” Schmidt said."}],[{"start":159.49999999999997,"text":"Volvo said sales of EVs grew 29 per cent year on year during the third quarter, accounting for nearly one-third of all cars sold. It added that “allocations for the EX60s produced have so far mainly gone to countries other than Sweden”."}],[{"start":175.24999999999997,"text":"“In Europe, we continue to see strong demand for our new cars,” Severinson said, adding that the company was focused on increasing production of the EX60."}],[{"start":191.64999999999998,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790948040_3623.mp3"}