Volvo Cars has adjusted its profit outlook on the back of EU tariffs on Chinese electric vehicles, Reuters reported last week. The Swedish manufacturer lowered its sales forecast to between 12% to 15% in 2024, down from a previous 15% forecast. “It’s really driven by tariffs … It’s a short term issue for us, but it is an issue and we’re just going to have to deal with that,” Volvo Cars CEO Jim Rowan told the newswire.

The impact: Volvo is majority-owned by China’s Geely and is subject to a 19% tariff on its Chinese-made EX30 vehicle. The manufacturer will bear a “minimum of six months” of tariffs until it transfers its EX30 production to Belgium at the start of 2025.

Indian carriers make big Airbus orders: India’s flagship airline Air India has ordered 250 Airbus aircrafts — 210 A320s and 40 A350s — while India’s low-cost airline IndiGo has ordered more than 1k planes including 30 A350 aircrafts, Indian news outlet The Economic Times reported. Air India has already received six of the A350s, while the rest are set to be delivered over the next few years.

OTHER STORIES WORTH KNOWING THIS MORNING-

  • Taiwan to curb North Korean oil smuggling: Taiwan is working to criminalize any transaction with a citizen or entity from a nation subject to UN sanctions in a bid to crack down on oil smuggling at its ports. The move targets oil transshipments going to North Korea. (The Financial Times)
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