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Volvo Cars shares fall 28% as it plans 2,500 more job cuts

Volvo Cars shares dropped 28% after the company blamed tougher conditions in China and the U.S. and said it will cut another 2,500 jobs.

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Volvo Cars shares fell 28%, CNBC reports, after the Swedish automaker described a worsening business environment and announced more job cuts.

The company said markets in China and the U.S. had become "tougher." It said those conditions "negatively affected free cash flow," according to CNBC.

The New York Times reports Volvo plans to cut another 2,500 jobs. It says the company joins other carmakers in giving a gloomy view of China, the world's biggest car market.

Reported by

  1. CNBCVolvo Cars shares plunge 28% amid China sales slump and fresh job cutsFri, Oct 23, 3:29 AM EDT
  2. The New York TimesVolvo Shares Plunge as China Ambitions Fade for Western CarmakersFri, Oct 23, 8:46 AM EDT

This story was written by AI using only the reports listed above, and published without a person reviewing it first. It is rewritten as new reports arrive. Read the original reporting for full detail. Spot an error? Tell us.