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Volvo Cars shares plunge 28% amid China sales slump and fresh job cuts
Volvo Cars said Friday it plans to slash 2,500 jobs as a severe decline in its Chinese market weighed on earnings in the third quarter. The Swedish automaker reported an operating loss of 5.6 billion Swedish Kronor ($563.7 million) in the third quarter, down from an operating profit of 6.4 billion Swedish Kronor in the previous period. The company cited a deteriorating environment led by "tougher" market conditions in China and the U.S., which "negatively affected free cash flow."
Volvo Cars announces 2,500 job cuts as it swings to quarterly loss
Chinese ownership has not shielded Volvo Cars from competition in China, as the Geely-owned carmaker steps up its turnaround efforts amid pressure from local rivals, US tariffs and the removal of EV incentives. Sweden-based carmaker Volvo Cars said on Friday it would cut about 2,500 jobs worldwide, as US tariffs and strong competition from local brands in China pushed it into a third-quarter loss. The company, majority-owned by Chinese group Geely, reported revenue of 66.9 billion kronor...
Ambani's US$3.2 billion Jio Indian IPO lures investors as bids surge on final day
Ambani's US$3.2 billion Jio Indian IPO lures investors as bids surge on final day Jio Platforms', India's largest ever, is being closely watched as a test of investor appetite for large listings at a time when AI-linked stocks are facing increased scrutiny. Subscriptions for Indian billionaire Mukesh Ambani's first IPO in two decades surged further on the final day of bidding on Friday (Oct 23), as investors bet on Jio Platforms' US$3.2 billion offering to tap into the nation's telecom and...
Hermès, Cartier’s Last Reliable Shoppers Are Retreating in China
EXCLUSIVE Hermès and Cartier’s Last Reliable Shoppers Are Retreating in China Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands. Sales at both brands in mainland China fell as much as double-digits in August and September compared to the year-ago period, according to two research firms surveyed by Bloomberg that track industry data. The drop is...