Volvo Cars said on Monday it is booking a $1.2 billion charge because of U.S. tariffs and production delays that are hitting its two latest electric-powered cars.
"Due to import tariffs the company is currently unable to sell the Volvo ES90 profitably in the United States, while ES90 margins are also under pressure in Europe for the same reason," the carmaker said in a statement to investors.
In the United States, Volvo has to grapple with a 25% import tariff decided by U.S. President Donald Trump in April.
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