Volvo Shares Plunge Amid China Sales Slump

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Volvo Cars shares plunged on Friday, wiping out over a quarter of the Swedish automaker's market value following a rapid deterioration of sales in China. In response to intensifying competition and a nearly 50% drop in Chinese quarterly sales, the company announced plans to cut 2,500 jobs and reduce research and development spending. Despite the turbulence in the Asian and US markets, Volvo's CEO noted that the European electric vehicle segment continues to provide some stability.
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