The Geely-owned company reported third-quarter revenue of 66.9 billion kronor (US$6.7 billion), down nearly 23% year-on-year. (Bloomberg pic)STOCKHOLM: Swedish carmaker Volvo Cars said Friday it would cut about 2,500 jobs worldwide, as US tariffs and strong competition from local brands in China pushed it into a third-quarter loss.

The company, owned by Chinese group Geely, reported revenue of 66.9 billion kronor (US$6.7 billion) for the third quarter, down nearly 23% from the same period last year.

It swung to a net loss of 5.7 billion kronor for the quarter from a net profit of 4.5 billion kronor a year earlier.

"We continue to operate in a very tough environment with strong external challenges: de-globalisation, hypercompetition and climate change," chief executive Hakan Samuelsson said in a statement.