The article says that the reasons for the loss in the quarter are “deteriorating market conditions in China” and that it will “prioritise margins over market share in China rather than engage in aggressive price competition with domestic rivals.”
A quick reminder that there are some 130 Chinese car brands, but among them only 3 are profitable: BYD, Xiaomi, and Leapmotor. All three, however, have been facing shrinking profits and similar issues as Volvo Cars for several quarters.
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Volvo Cars is owned by China’s Geely.
The article says that the reasons for the loss in the quarter are “deteriorating market conditions in China” and that it will “prioritise margins over market share in China rather than engage in aggressive price competition with domestic rivals.”
A quick reminder that there are some 130 Chinese car brands, but among them only 3 are profitable: BYD, Xiaomi, and Leapmotor. All three, however, have been facing shrinking profits and similar issues as Volvo Cars for several quarters.
[Edit typo.]