Tariffs are ruining Volvo's plans to sell new EVs in the US.
The Swedish automaker said it will take a one-off, non-cash impairment charge of 11.4 billion Swedish kronor ($1.19 billion) in the second quarter related to two plug-in models: the EX90 and ES90. That means Volvo is basically reducing the value of the EVs on its balance sheet. The reason is because Donald Trump's tariffs are making it impossible for Volvo to make a profit on these models. The EX60 is still on track, apparently.
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