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Volvo CEO Says China Market Gone, Luxury Weakness Remains

Volvo plunged by about 30% to a record low after the Swedish automaker’s chief executive officer said the market for Western-developed cars in China is disappearing fast, prompting it to cut 2,500 more jobs. Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands. The Opening Trade has everything you need to know as markets open across Europe. With analy…

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BloombergLean L·3h ago
Volvo CEO Says China Market Gone, Luxury Weakness Remains
Volvo plunged by about 30% to a record low after the Swedish automaker’s chief executive officer said the market for Western-developed cars in China is disappearing fast, prompting it to cut 2,500 more jobs. Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands. The Opening Trade has everything you need to know as markets open across Europe. With analy…
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Volvo CEO Says China Market Gone, Luxury Weakness Remains

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