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Volvo Cars shares plunge 28% amid China sales slump and fresh job cuts

CNBC Friday 23 October 2026, 07:29 UTC 1 min read
Key Points

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 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 shares were last down over 28% after the European market opened. This is breaking news. Please refresh for updates.
Volvo Cars (ORG) China (LOCATION) Chinese (ORG) Swedish (ORG) U.S. (LOCATION) European (ORG)
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