"Those Times Are Gone": Volvo Crashes As China Sales Collapse, BofA Recommends Default Protection

"Those Times Are Gone": Volvo Crashes As China Sales Collapse, BofA Recommends Default Protection Volvo Cars shares in Stockholm crashed the most since the company's October 2021 listing. The Swedish automaker announced another 2,500 job cuts and warned that its Chinese sales are under severe pressure. Third-quarter deliveries in China plunged 40% as domestic brands gained ground with cheaper electric vehicles. "Nobody will be successful with the old recipe where you had global cars developed in Europe and sold them at a premium price" in China, CEO Hakan Samuelsson told analysts on the earnings call earlier today. Samuelsson emphasized, "Those times are gone." In other words, Volvo is no longer competitive in overseas...

Läs hela artikeln hos källan.