Volvo Shares Fall as Automaker Plans 2,500 More Job Cuts
The New York Times reported that the Swedish automaker plans to cut another 2,500 jobs as its shares plunged.
Volvo plans to cut another 2,500 jobs, according to a report from The New York Times. The Swedish automaker's shares plunged, and the report links the decline to fading ambitions among Western carmakers in China, which its headline describes as the world's biggest car market.
The report's summary says Volvo is joining competitors in offering a "gloomy view" of that market. The summary does not name those competitors or say which companies were part of the comparison.
James Paton is the author of the report. The summary describes the planned reduction as another 2,500 jobs, which implies earlier cuts, but it does not detail those earlier reductions, the timing of the new plan, or the size of the share decline.
The summary does not include statements from Volvo or from the competitors it mentions. Readers seeking further detail should consult the full report, and no other outlet's account was available for comparison.
Sources: The New York Times: Volvo Shares Plunge as China Ambitions Fade for Western Carmakers.