There, “weak customer sentiment was exacerbated by the ongoing geopolitical conflict in the Middle East,” the Swedish-origin company said.
(April 2): Volvo Car AB said the war in Iran hurt US demand in the first quarter, offering one of the clearest signs yet that the conflict is starting to dent sales as higher fuel prices curb spending.
The automaker’s global sales fell 11% in the three months through March, Volvo said on Thursday. The decline in the Americas region — where its lineup skews towards larger, fuel-intensive SUVs such as the XC90 — was even more pronounced at 29%.
