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Volvo Cars shares fall 24% as China sales slump
Volvo Cars shares fell 24% after third-quarter results, with the CEO saying a sales slump in China came 'faster than we thought'. The company said tougher market conditions in China and the US hurt free cash flow.
Why it matters
The drop reflects pressure on Western carmakers from weaker Chinese demand and US trade conditions.
Background
Volvo Cars is majority-owned by China's Geely and based in Sweden. Chinese brands have taken growing market share in their home market.
The story so far
- Volvo Cars shares fall 24% as China sales slump
- Volvo Cars shares plunge 24% on China slump
Sources
- CNBC ↗Oct 23, 11:40 AM ET
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