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Volvo Cars shares plunge 24% on China slump
Volvo Cars shares fell 24% after the company reported weak third-quarter results. Its CEO said a slump in China sales came "faster than we thought." Tougher conditions in China and the US hurt the company's free cash flow.
Why it matters
The drop shows how weaker Chinese demand and US trade barriers hit European carmakers and their workers.
Background
Volvo Cars is based in Sweden and owned mostly by China's Geely. Foreign carmakers face strong competition from Chinese brands in China.
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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