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 shares plunge 28% amid China sales slump and fresh job cuts
Full Article
Original Source
Read the full article at Cnbc →KhanList aggregates and links to publicly available news content. We do not host full articles from third-party sources. Always verify important information with original sources.