Volvo is cutting 2,500 jobs, with most of the positions going in Europe, after the carmaker posted a loss for the third quarter, according to De Telegraaf. The Dutch newspaper links the restructuring to weak sales in China and problems around the EX60 model.
The company's shares fell sharply on the results, losing more than a quarter of their value, Het Financieele Dagblad reported. NRC described the market reaction as a collapse following both a decline in revenue and red figures for the quarter.
De Telegraaf frames the job losses as stemming from deep losses, pointing to China and the EX60 as the central factors. The reporting does not specify which plants or countries will be affected beyond noting that the majority of the cuts fall in Europe.
The announcements drew wide coverage in the Dutch press, with NU and AutoWeek also reporting the 2,500 figure and the European focus of the reductions. The sources agree on the scale of the cuts and the weak quarterly performance but give no further detail on the company's plans.
What to watch next: whether Volvo provides a breakdown of where the European cuts will land and how it intends to address the China sales slump.
