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BUSINESS Fri 23 Oct 07:24
Volvo Cars shares slump on loss, 2,500
more jobs to go
Volvo Cars said today it would cut a
further 2,500 jobs, mostly in Sweden,
after plunging to a much
bigger-than-expected third-quarter
operating loss, sending its shares
down almost 30%.
Majority-owned by China's Geely
Holding, Volvo has struggled with
uneven demand for electric vehicles,
mounting tariff pressures and
deteriorating market conditions in
China.
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