Volvo Cars swings to third-quarter loss, plans job cuts

Volvo Cars posted an adjusted operating deficit of 3.7 billion Swedish crowns in the third quarter of 2026, compared with earnings of 5.8 billion crowns in the same period a year earlier. The Swedish automaker said a gradual production build-up for its EX60 electric SUV and softer sales in China and the United States weighed on performance.

The company plans to eliminate about 2,500 positions and find another 5 billion crowns in savings from indirect spending and variable costs by the end of next year. Earlier this month, it withdrew its forecasts for annual sales volume and cash flow; its shares reached a record low this week and have fallen 54% so far this year. Volvo cited tariffs, weaker electric-vehicle demand and elevated development expenses among the pressures on its business.