Sweden’s Volvo Cars on track for worst trading day ever as shares plunge over 19%

Key Points

• The Sweden-based automaker on Thursday reported a sharp drop in fourth-quarter profit, citing tariffs and weak demand.
• Shares of the company were last seen trading down 19.5%, putting it on track for its worst- ever trading day.

Mikael Sjoberg | Bloomberg | Getty Images

Shares of Sweden's Volvo Cars tumbled 19.5% on Thursday morning, putting the company on track for its worst trading day ever.

The automaker, which is owned by China's Geely Holding, posted a substantial drop in fourth-quarter profit, citing tariffs, currency effects and weak demand.

This is breaking news. Please refresh for updates.