STOCKHOLM, Oct 23 — Shares in Swedish carmaker Volvo Cars plunged today after it said US tariffs and strong competition from local brands in China pushed it into a third-quarter loss.
The company also said it would cut about 2,500 jobs worldwide.
Volvo Cars, controlled by Chinese group Geely, reported revenue of 66.9 billion kronor (RM27.3 billion) for the third quarter, down nearly 23 per cent 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.
