S&P lowers Volvo Cars’ outlook

S&P Global Ratings has lowered its outlook on Volvo Cars to negative from stable, warning that the company will face a number of significant headwinds in the coming years. US tariffs, growing competition in China, a potential revision of electric vehicle (EV) tax credits, and a 2027 sales ban on cars by Chinese-controlled automakers are all expected to impact growth prospects between 2025 and 2027.