Volvo Cars hits record low after steep loss, 2,500 job cuts

Volvo Cars shares fell a record 24% on October 23 after the Swedish automaker reported a much larger-than-expected third-quarter operating loss, doubled its cash burn, and announced an additional 2,500 job cuts as it pushes its turnaround. The company posted an operating loss of 3.7 billion Swedish crowns (US$373 million), versus profit of 5.8 billion crowns a year earlier. Cash burn reached about 8.9 billion crowns, double the prior-year figure for the quarter. Analysts had expected a loss of 724 million crowns. Volvo plans to cut about 2,000 jobs in Sweden and 500 globally, adding to 3,000 reductions already announced, amid uneven EV demand, tariff pressures, and challenging conditions in China.