Volvo Cars Reports Q3 Operating Loss of SEK 3.7 Billion, Plans to Cut About 2,500 Jobs

Deep News10-23

Volvo Cars reported an operating loss in its third-quarter earnings released on Friday, attributing the shortfall to the slow production ramp-up of its new electric SUV, the "EX60," as well as weak demand in the Chinese and U.S. markets, which dragged down overall sales. The company also announced plans to cut approximately 2,500 jobs.

The company's adjusted operating loss for the third quarter came to SEK 3.7 billion (approximately USD 373 million), compared with an operating profit of SEK 5.8 billion in the same period last year.

Volvo Cars CEO Hakan Samuelsson said in a statement released alongside the earnings report: "The performance in the third quarter of 2026 is deeply disappointing and reflects challenges this year that have far exceeded initial expectations. As a result, the transformation plan we are pushing forward urgently needs stronger reinforcement measures."

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