Markets·October 23, 2026 at 7:05 AM EDT·1 source
Volvo CEO Says China Market Gone, Luxury Weakness Remains
Markets
What happened
- Volvo plunged by about 30% to a record low after its CEO said the market for Western-developed cars in China is disappearing fast.
- Volvo will cut 2,500 more jobs.
- Hermès and Cartier are also suffering steeper slumps in China as wealthy consumers pull back spending.
Volvo share decline
about 30%
Volvo job cuts
2,500
Why it matters
The comments point to worsening demand for Western-developed vehicles and luxury goods in China, with implications for industrial, consumer and credit-market professionals. Volvo’s additional layoffs signal potential pressure on costs and restructuring needs.
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Who is involved
Volvo CEO Says China Market Gone, Luxury Weakness RemainsVolvoHermèsCartier
Company
Sources (1)
- BloombergOct 23Volvo CEO Says China Market Gone, Luxury Weakness Remains
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