Volvo ups profit goal as Europe sales outweigh China

Volvo Car Group boosted its earnings goal for the year, saying the robust European market would outweigh a slowdown in China, where pressure to discount is increasing.

“The price situation in China is getting tougher,” chief executive Hakan Samuelsson said yesterday.

“The important thing is to see the strength of having Volvo global. We can balance out softer development in China.”