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via finance.yahoo.comBusiness & Companies

Volvo Cars shares plunge on losses, job cuts

FROM THE WIRE · FINANCE.YAHOO.COM

Volvo Cars said it was facing 'hypercompetition' in China and a 'very tough environment' (Ben STANSALL) Shares in Swedish carmaker Volvo Cars plunged Friday after it said US tariffs and strong competition from local brands in China pushed it into a third-quarter loss. The…

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MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishThe share plunge and quarterly loss weigh on the European auto sector and peers.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Volvo Cars shares were down almost 30% on Friday.
  2. 02The group swung to a net loss of 5.7 billion kronor in the third quarter.
  3. 03The company will cut about 2,500 jobs worldwide.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
Volvo Car AB (publ.)VOLCAR-B.STStock10.32 SEK-1.01%today -26.85%Negative Geely Automobile Holdings Limited0175.HKStock14.25 HKDMarket closedtoday +0.99%Negative Volvo Car AB (publ.)VLVCYStock2.81 USDMarket closedtoday 0.00%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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