Volvo Cars will cut 2,500 jobs, most of them in Sweden, and trim costs by 5 billion Swedish kronor after a faster-than-expected slump in China pushed the automaker to a 5.6 billion Swedish kronor ($563.7 million) operating loss in the third quarter. Shares fell around 27 per cent on Friday as the company flagged "hypercompetition" from Chinese rivals and pressure from US tariffs.
company
Volvo Cars
Swedish carmaker