Volvo Cars Deepens Cuts as China Revenue Nearly Halves
Geely-controlled Volvo Cars announced 2,500 additional job reductions after swinging to a quarterly operating loss, with U.S. tariffs adding pressure.
TL;DR
- Volvo Cars plans to eliminate approximately 2,500 more positions worldwide.
- Third quarter revenue in China nearly halved.
- The company swung to a steep operating loss of 5.6 billion Swedish kronor for the July-September quarter.
- Global revenue fell 23 percent to 66.9 billion Swedish kronor.
- Free cash outflow more than doubled to 8.9 billion Swedish kronor.
- Shares of the company plunged 24.2 percent on the Stockholm stock exchange.