Volvo Cars worsens losses until September to €414 million and cuts 2,500 jobs

Volvo Cars reported a net loss of 4.6 billion Swedish crowns (414 million euros) until September, a 77% increase year-on-year, and announced the layoff of 2,500 employees. The losses were attributed to unfavorable sales and pricing, decreased wholesale sales, rising raw material costs, and adverse currency effects. The company's revenue fell by 17% to 217.2 billion crowns (19.5 billion euros), while the operating loss doubled to 3.2 billion crowns (288 million euros). In the third quarter alone, net losses reached 5.7 billion crowns (513 million euros), contrasting with profits of 4.5 billion crowns (405 million euros) in the same period last year. The CEO described the performance as "very disappointing," with significant declines in the Chinese and North American markets affecting sales.