Volvo Cars to cut about 2,500 jobs after a quarterly loss

Job cuts

2,500 jobs

About 2,000 of the jobs go in Sweden and 500 elsewhere, through ending consultant contracts, attrition and exit packages.

Volvo swung to a third-quarter net loss of 5.7 billion kronor from a profit of 4.5 billion a year earlier, as revenue fell nearly 23 per cent.

Background

The company blames US tariffs, competition from local brands in China and the end of US incentives for electric cars.