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…
We haven't written up this one. Bloomberg has the full story — the link below goes straight to it.
