Volvo Cars shares plunge 31% amid China, U.S. slump and fresh job cuts
The Swedish automaker cited a deteriorating environment led by "tougher" market conditions in China and the U.S., which "negatively affected free cash flow."
Volvo Cars shares fell 31% as the Swedish automaker pointed to a deteriorating environment. According to CNBC, tougher market conditions in China and the U.S. have negatively impacted the company's free cash flow.
In a separate development, Contemporary Amperex Technology Co Ltd (CATL) and Beijing Automotive Group (BAIC) announced they will develop a battery-swapping system. The companies aim to service one million vehicles through this initiative, though a specific timeline for the target was not disclosed.
The partnership will involve cooperation on battery management, vehicle and battery development, infrastructure construction, and new business models. As part of the deal, BAIC will include compatible models from multiple brands in the CATL Choco-Swap network and open its dealership network to assist in deploying battery-swapping stations.
Brief written by urgent.news from CNBC, The Business Times - Companies & Markets — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
