Volvo Cars shares fall 28% after China sales slump and new job cuts
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Volvo Cars plans to cut 2,500 jobs after posting a third-quarter operating loss of 5.6 billion Swedish kronor ($563.7 million), compared with a 6.4 billion-kronor profit previously. Tougher conditions in China and the U.S. hurt cash flow, sending shares down more than 28%.
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