Volvo shares plunge 30% on Q3 loss and plan to cut 2,500 jobs

Volvo Cars shares fell about 30% on Friday after the automaker posted a larger-than-expected third-quarter loss and announced 2,500 job cuts.

• Volvo reported a third-quarter operating loss of 3.7 billion kronor ($373 million), versus a profit of 5.8 billion kronor a year earlier.
• The job cuts — 2,000 in Sweden and 500 elsewhere — form part of a new cost-saving plan of 5 billion kronor.
• CEO Håkan Samuelsson said the quarter was deeply disappointing and that Volvo would add decisive measures to its recovery plan.
• Volvo cited US tariffs and competition from Chinese automakers among the pressures behind the loss.