Volvo Cars Shares Plummet 18% After Record Profit Miss

Volvo Cars shares crashed 18 percent on the Stockholm stock exchange after the manufacturer reported weak fourth-quarter earnings and canceled its annual dividend.The company recorded an operating profit of 1.9 billion SEK, missing analyst expectations of 4.6 billion SEK as revenue fell 16 percent to 94.4 billion SEK.Håkan Samuelsson attributed the results to unfavorable exchange rates and pricing pressures while the firm launched the electric EX60 model with an 810-kilometer range.