Volvo Car shares crashed the most since its 2021 listing after another 2,500 job cuts and a 40% plunge in China Q3 deliveries. CEO Hakan Samuelsson says the old premium global car recipe in China is g

What happened: Volvo Cars shares fell the most since its October 2021 listing after the automaker announced another 2,500 job cuts and warned that Chinese sales are under severe pressure. Key numbers: China third-quarter deliveries plunged 40%. Why it matters: CEO Hakan Samuelsson said the old recipe of global cars developed in Europe and sold at a premium in China no longer works, and BofA moved its recommendation on Volvo's 5Y CDS to Buy Protection from Sell Protection, citing deteriorating finances and weakness in China and the U.S.

Volvo crashes on collapsing China sales as BofA recommends default protection.

Volvo crashes on collapsing China sales as BofA recommends default protection. — impact context not separately stored; see What changed.