Volvo Cars shares plunge 28% amid China sales slump and fresh job cuts

Volvo Cars shares fell approximately 28-30% to a record low after the Swedish automaker announced 2,500 additional job cuts amid declining sales in China and the United States. CEO cited deteriorating market conditions in China, stating that the market for Western-developed cars in the country is disappearing rapidly, and noted the decline negatively affected free cash flow. The company cited tougher conditions in both China and the U.S. as drivers of the share decline.

• CNBC — Volvo Cars shares plunge 28% amid China sales slump and fresh job cuts
• Bloomberg — Volvo CEO Says China Market Gone, Luxury Weakness Remains

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