Stockholm, Oct 23, 2026 (AFP) - Volvo Cars shares plunge on losses, job cuts

NAMPA / AFP

2026-10-23

Shares in Swedish carmaker Volvo Cars plunged Friday after it said US tariffs and strong competition from local brands in China pushed it into a third-quarter loss. The company also said it would cut about 2,500 jobs worldwide. Volvo Cars, controlled by Chinese group Geely, reported revenue of 66.9 billion kronor ($6.7 billion) for the third quarter, down nearly 23 percent from the same period last year. It swung to a net loss of 5.7 billion kron......

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