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2026-10-23 14:28:34 Volvo Cars' revenue for the third quarter fell 23% YoY to SEK66.9 billion, while operating loss was SEK5.6 billion, compared with operating profit of SEK6.4 billion in the same period last year. After previously announcing 3,000 job cuts, Volvo Cars now plans to cut another 2,500 positions, equivalent to about 6% of its global workforce, with most of the layoffs concentrated in Sweden. The move was attributed to a sharp decline in sales in the China market and additional tariffs imposed by the US. Volvo Cars faced intense competition in the China market during the third quarter, with revenue from the China market dropping nearly 50% YoY. In the US, the company continued to be negatively affected by tariffs and the cancellation of electric vehicle consumer subsidies, while profit margins also remained under pressure. (mn/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |