Last year I argued that Volvo's heart still beats in Sweden. This week's 2,000 Swedish job cuts made me check that pulse again. On Friday morning, October 23, two Volvo reports landed in my news feed within minutes of each other. Volvo Group , the truck maker, posted 8% sales growth and a 12.3% adjusted margin. Volvo Cars posted a loss and said 2,500 jobs would go, 2,000 of them in Sweden. Same name, same city, same morning, opposite stories. I read both twice. Then I went back to a post I wrote here in February 2025, where I compared Volvo with Harman Kardon under Samsung and concluded that Volvo's heart still beats in Sweden. I wanted to know whether I would still write that today. The news. Volvo Cars swung to an operating loss of SEK 5.6 billion in the third quarter, against a profit of SEK 6.4 billion a year earlier. Revenue fell 23%, and revenue in China almost halved. The company will cut another SEK 5 billion in costs by the end of 2027, reduce its own fact...