Volvo Cars plans to cut 2,500 jobs after a loss in the third quarter, according to CNBC and Euronews.

About 2,000 of the jobs will be in Sweden and 500 elsewhere, CNBC and Euronews reported. The cuts are part of a plan to save 5 billion Swedish kronor, the outlets said. Euronews said the job cuts will come by ending consultant contracts, through workers leaving on their own and through exit packages.

Volvo Cars reported an operating loss of 5.6 billion kronor, or $563.7 million, CNBC reported. Euronews said the company had a net loss of 5.7 billion kronor, down from a net profit of 4.5 billion kronor a year earlier. Revenue fell nearly 23%, Euronews reported.

The company blamed "tougher" markets in China and the US, CNBC reported. Its revenue in China fell almost 50% from a year earlier, CNBC said. New Chinese rivals created "hypercompetition" and pushed down prices, the company said, according to CNBC.

In the US, tariffs and fewer incentives for buyers of electric cars hurt profits, CNBC and Euronews reported. Euronews said those incentives were removed under President Donald Trump.

"We continue to operate in a very tough environment with strong external challenges: de-globalisation, hypercompetition and climate change," chief executive Håkan Samuelsson said, according to Euronews.

Volvo Cars shares were down 31%, CNBC reported.

Volvo Cars is mostly owned by the Chinese group Geely, Euronews reported. Last year, it announced a cost-cutting plan that included about 3,000 job cuts, Euronews said. The company expects the full effect of the new cuts by the end of 2027.

In September, the company said Klaus Zellmer, the head of Škoda Auto, would replace Samuelsson by October 1, 2027, Euronews reported.

What we know: Volvo Cars plans 2,500 job cuts after a quarterly loss.
What we don't: Which sites outside Sweden will lose jobs.