Håkan Samuelsson Cuts Costs as Volvo Cars Stock Plummets 18%

Volvo Cars shares plummeted 18 percent following a significant fourth-quarter profit miss that led Håkan Samuelsson to announce an additional 5 billion kr cost-cutting program.The manufacturer reported an operating profit of 1.9 billion kr, falling far short of the 4.6 billion kr predicted by analysts as sales in China dropped by 32 percent.Håkan Samuelsson is now restructuring the company to give divisions in China and the USA more independence while preparing to produce the XC60 model at a factory in the USA.