Volvo Cars announces 2,500 job cuts as it swings to quarterly loss
The automaker said weak demand in China and the United States and a slow EX60 ramp-up drove a 23% revenue drop and a wider quarterly loss.
- On Friday, October 23, 2026, Volvo Cars announced 2,500 job reductions representing around 6% of its global workforce while reporting an adjusted operating loss of 3.7 billion Swedish crowns for the third quarter.
- Weak demand in China, where deliveries fell more than 40% in the third quarter, and the United States hit sales while slow production ramp-up of the EX60 electric SUV compounded losses.
- Mirroring cost-cutting moves by Volkswagen and BMW, Volvo plans to save 5 billion kronor through these measures, building on earlier restructuring with around 3,000 job cuts as the automaker reported a 5.6 billion kronor operating loss.
- CEO Hakan Samuelsson stated the turnaround plan requires "decisive reinforcement," with plans to introduce seven new vehicles for Western markets before handing leadership to Klaus Zellmer by October 1, 2027.
- Volvo Cars' share price hit a record low this week, down 54% year-to-date, after the company scrapped full-year guidance, though Samuelsson maintains the relationship with Zhejiang Geely Holding remains a "huge advantage.
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Volvo shares tumbled amid rising losses and job cuts <p>Volvo Cars posted a loss of 3.7 billion kroner and will cut another 2,500 employees. The company's shares fell by almost 30%</p>.
Volvo Cars in share price crash as 2,500 job cuts follow sales slump
Volvo Cars has revealed a further 2,500 job cuts amid a slump in sales that has seen its share price crash to record lows. المصدر: skynews business The post Volvo Cars in share price crash as 2,500 job cuts follow sales slump appeared first on khbrknews.
In the third quarter it recorded operational losses much higher than expected
Volvo plans to cut 2,500 jobs due to China's bruising pricing war
Legacy automakers are struggling to compete in China.Bloomberg/Getty ImagesLegacy carmakers continue to report slumping sales in China.Volvo is the latest. It's planning 2,500 global job cuts to save about $530 million.America is a problem, too. Tariffs, crushed EV incentives, and Polestar's exit also hurt.China's merciless car market is taking a bite out of Volvo.On Friday, the Swedish luxury automaker said revenue in China fell by almost 50% o…
Volvo's car shares were lost by about 30% after operating losses of $373 million were declared in the third quarter, more than five times higher than expectations, while the company intends to cancel 2,500 additional jobs and reduce costs.
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