China’s slowing car market and the nation’s trade war with the US dented earnings at some of the world’s largest automakers, with Ford, Hyundai, Daimler and Volvo all hit by the storms battering the global industry.
In their quarterly updates, Ford cut annual profit forecasts, Daimler warned of “significantly” lower earnings and Hyundai missed its income expectations following a tough period for the auto sector.
Renault last week issued a profits warning, while Jaguar Land Rover and parent Tata Motors will report earnings on Friday.
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