Volvo Cars cuts 2,500 jobs as China sales slide, shares sink 31%
What's new: The automaker posted a 5.6 billion-kronor operating loss and said about 2,000 of the cuts will fall in Sweden.
Volvo Cars will cut 2,500 jobs worldwide after a steep sales drop in China and pressure from U.S. tariffs and weaker electric-vehicle incentives hit third-quarter results. The Swedish automaker reported a 5.6 billion-kronor operating loss for the three months through September and said the cuts should save 5 billion kronor. Most of the reductions will be in Sweden, with CNBC reporting about 2,000 jobs there. Volvo shares fell 31% after the earnings report. The company said deliveries in China fell more than 40% in the quarter, with revenue there down almost 50% amid intense competition from local brands.