Volvo Cars' first-quarter operating profit falls sharply

Volvo Cars announced that its first-quarter operating profit was SEK 1.9 billion, a sharp drop from SEK 4.7 billion in the same period last year. At the same time, revenue in the first quarter fell to SEK 82.9 billion from SEK 93.9 billion in the same period last year. This performance decline was mainly due to headwinds in the market, including lower sales, price competition and the impact of new players in the electric vehicle field.