Business4 sources
Volvo Cars shares drop sharply amid China sales slump and job cuts
- Volvo Cars shares plunged 27-30% due to a sharp decline in China sales.
- The company reported a significant loss and negative free cash flow.
- Volvo Cars plans to cut 2,500 jobs to mitigate financial losses.
- The company cited tougher market conditions in China and the U.S.
- Volvo Cars warned of potential additional actions to address financial challenges.
Articles (4)
CNBC·
Volvo Cars plunges 27% as CEO says China sales slump came 'faster than we thought'
Financial Times·
Volvo Cars shares plunge 30% after it swings to loss
The Wall Street Journal·
Volvo Car Shares Slump After Automaker Adds Job Cuts to Tackle Mounting Headwinds
Reuters·
Volvo Cars shares slump on big loss, 2,500 more jobs to go