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Volvo Cars shares slump on big loss, 2,500 more jobs to go
Post Reply RetroFed Forums Forum Index » Europe
AuthorMessage
schizoidman lemmy.zip schizoidman@lemmy.zip
Joined: 2025-06-18
Quote

Link: https://www.reuters.com/world/china/volvo-cars-swings-third-quarter-loss-plans-job-cuts-2026-10-23/

Volvo Cars said on Friday it would cut a further 2,500 jobs, mostly in Sweden
14   Original
TheVoiceOfRaison thelemmy.club TheVoiceOfRaison@thelemmy.club
Joined: 2026-04-14
#2 · (edited) Quote Reply
[deleted]
1
tardigrade scribe.disroot.org tardigrade@scribe.disroot.org
Joined: 2025-11-17
#3 · (edited) Quote Reply
TheVoiceOfRaison wrote:
[deleted]

Volvo Cars is owned by China's Geely.

The article says that the reasons for the loss in the quarter are "deteriorating market conditions in China" and that it will "prioritise margins over market share in China rather than engage in aggressive price competition with domestic rivals."

A quick reminder that there are some 130 Chinese car brands, but among them only 3 are profitable: BYD, Xiaomi, and Leapmotor. All three, however, have been facing shrinking profits and similar issues as Volvo Cars for several quarters.

[Edit typo.]
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