EconomyVolvo CEO Says China Market Is Disappearing as Luxury Weakness Persists

Name: Volvo CEO Says China Market Is Disappearing as Luxury Weakness Persists
Uploaded: 2026-10-23T10:59:10.000Z
Description: Volvo plunged about 30% to a record low after its CEO said demand in China for Western-developed cars was disappearing rapidly, prompting another 2,500 job cuts. Hermès and Cartier are also seeing sharper declines in China, as wealthy consumers’ spending pullback reaches even resilient luxury brands.

Volvo plunged about 30% to a record low after its CEO said demand in China for Western-developed cars was disappearing rapidly, prompting another 2,500 job cuts. Hermès and Cartier are also seeing sharper declines in China, as wealthy consumers’ spending pullback reaches even resilient luxury brands.

Bloomberg Television 2026-10-23 10:59