Volvo B Stock News

Volvo Car said global sales fell 16% on year in the three months through October, with demand hit by continued challenging market conditions in the U.S. and China.

Legacy carmakers continue to report slumping sales in China. Volvo is the latest.

Volvo Cars shares plunged on Friday after the Swedish automaker reported a third-quarter net loss of approximately $573 million and announced plans to eliminate 2,500 jobs as it steps up efforts to contain costs. The stock fell more than 26%, hitting record lows after the results revealed the extent of pressure on the company's business.

Shares were down 26% after the automaker said it would cut another 2,500 jobs—around 6% of its workforce—amid worsening market conditions.

Volvo Cars shares plunge 25% amid China sales slump and fresh job cuts

The carmaker—majority-owned by China's Zhejiang Geely Holding Group—said it needed to reinforce its turnaround plan with additional decisive actions.

Volvo is leveling up its automated driving system through an expansion of its nearly decade-long partnership with Nvidia. The companies announced on Thursday that Volvo will use three pieces of Nvidia hardware and software in its future vehicles to provide an automated driving system that can navigate urban streets and highways.