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Volvo Cars is cutting about 2,500 jobs after swinging to a third-quarter loss

The Geely-owned automaker's China revenue fell by close to half as it targets SEK 5 billion in additional cost cuts

Volvo Cars, which is majority owned by China’s Geely Holding, said it will cut about 2,500 jobs after reporting a third-quarter operating loss of 5.6 billion kronor ($590 million) on Friday. That compares with operating income of 6.4 billion kronor a year earlier.

Revenue fell to 66.9 billion kronor from 86.4 billion kronor. Operating income excluding joint ventures and associates and items affecting comparability was negative 3.7 billion kronor, versus 5.8 billion kronor a year earlier, for an EBIT margin of -5.6% against 6.7%. Free cash flow was negative 8.9 billion kronor, compared with........

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