Volvo Cars has significantly reduced its sales growth forecast for 2024 from 12-15% to 7-8%, attributing this downward revision to a growing weakness in automotive markets, particularly in China, Europe, and the U.S. Despite reporting a net profit of 4.4 billion kronor ($416 million) for the third quarter, up from 3.2 billion kronor a year prior, the company anticipates minimal growth in the fourth quarter. CEO Jim Rowan noted a slowdown in consumer sentiment influenced by high inflation and increasing loan dependency for vehicle purchases. Additionally, Volvo has scaled back its goal of becoming fully electric by 2030, now allowing for up to 10% of sales to include mild hybrid models. Other automakers, including Volkswagen and Stellantis, have faced similar challenges as competition intensifies and consumer demand wanes. The company is now focusing on protecting profit margins rather than pursuing aggressive volume growth.