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Geely’s Volvo Cars warns virus outbreak to hit 2020 earnings

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Sweden's Volvo Car Group, owned by China's Geely, scaled back its guidance for the full year, warning that sales, earnings and cash flow in the first half of 2020 would decline from a year ago as the coronavirus pandemic weighed on its business.

FILE PHOTO – A Volvo logo is seen on a rim displayed at a Volvo showroom in Mexico City, Mexico April 6, 2018. REUTERS/Gustavo Graf

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STOCKHOLM: Sweden's Volvo Car Group, owned by China's Geely, scaled back its guidance for the full year, warning that sales, earnings and cash flow in the first half of 2020 would decline from a year ago as the coronavirus pandemic weighed on its business.

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The Gothenburg-based carmaker, which Geely acquired from Ford Motor Co in 2010, had said only last month it expected to grow sales and profit this year, but that was before the coronavirus spread rapidly through Europe and North America.

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"The weakening market and production disruptions will impact the first half year results negatively as sales, profit and cash flow are expected to be lower than last year's and it will be challenging to recover the impact during the remainder of the year," it sRead More – Source