Volvo Cars incurs massive losses

Volvo Cars saw its problems worsen on Friday as the company recorded a third quarter loss of $458 million (3.6 billion kronor).

The results were considerably worse than those posted for the same period last year, when Volvo registered losses of $167 million.

Volvo has previously this year announced plans to lay off more than 6,000 workers.

Further savings measures are planned for the future, according to the report.