Volvo Cars, owned by China’s Geely Holding, reported a significant drop in second-quarter operating profit to 2.9 billion Swedish kronor from 8 billion in 2024. Revenue also fell to 93.5 billion kronor, reflecting the impact of U.S. tariffs and a non-cash impairment charge of 11.4 billion kronor.

To counter the challenging environment, Volvo Cars plans to add its best-selling XC60 SUV to its U.S. production line in late 2026. The move comes as the automaker starts pulling sedans and station wagons from its portfolio in response to tariffs on European-made cars and Chinese EVs.

Despite the challenges, Volvo Cars CEO Håkan Samuelsson affirmed the company’s commitment to the U.S. market, emphasizing the strategic utilization of their South Carolina factory. The decision to bring the XC60 SUV to the U.S. aligns with their goal of maximizing production capacity and adapting to tariff impacts.

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2. The Federal Reserve is set to begin its two-day policy meeting, with expectations of interest rate hikes looming. Analysts predict a 25 basis point increase in rates, citing strong economic growth and rising inflation as reasons for the move.

3. Apple unveiled its latest lineup of products, including a new iPad, Macbook Air, and Mac Mini. The tech giant also introduced its Apple Music Voice Plan, a lower-priced subscription option that can be controlled using Siri.

4. Tesla reported record revenue for the third quarter, driven by strong demand for its electric vehicles. The company’s revenue totaled $13.8 billion, surpassing analyst expectations and marking a 57% increase from the same period last year.: Volvo Cars switches gears in the U.S. as Trump’s tariffs bite