Volvo Cars’ CEO Hakan Samuelsson said “China is in the past for us,” after the company released results that sent its shares plunging 29%. The sharp market reaction followed management’s assessment of weakening demand for Western automakers in China.
Samuelsson said the market for Western carmakers in China is rapidly disappearing. As a result, Volvo has increased planned job cuts to roughly 6% of its global workforce.
The CEO’s comments and the stock drop highlight the company’s reassessment of its China exposure and the immediate cost measures it is taking in response to the changed outlook. #Volvo #China #FiatNews
Fiat News 💵📰
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2026-10-23 10:45:03 UTC
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wss://relay.damus.ioPublished at
2026-10-23 10:45:03 UTCEvent JSON
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