Volvo Cars to cut 2,500 jobs as third quarter swings to loss

Volvo Cars said it will cut 2,500 jobs, mostly in Sweden, as it tries to reduce costs amid intense competition from Chinese automakers and pressure from tariffs and weak demand in the United States. The company, majority-owned by Geely Holding, posted an adjusted operating loss of 3.7 billion Swedish crowns ($373 million) for the third quarter, reversing from a profit of 5.8 billion crowns a year earlier. Volvo added it will also trim an extra 5 billion crowns in indirect spend and variable costs by the end of next year. The layoffs follow prior cuts and come after Volvo scrapped full-year sales and cash-flow guidance.