• Legacy carmakers continue to report slumping sales in China.
• Volvo is the latest. It's planning 2,500 global job cuts to save about $530 million.
• America is a problem, too. Tariffs, crushed EV incentives, and Polestar's exit also hurt.

China's merciless car market is taking a bite out of Volvo.

On Friday, the Swedish luxury automaker said revenue in China fell by almost 50% over the past year. The company said, like many legacy premium automakers, it's facing increasing "hypercompetition" from Chinese competitors.

Volvo plans to cut 2,500 jobs globally in response, it said, including roughly 2,000 in Sweden. That's part of an effort to slash costs by about $530 million.

"We continue to operate in a very tough environment with strong external challenges: de-globalisation, hypercompetition and climate change," CEO Håkan Samuelsson said in a statement.

It's the latest stark example of the increasing pressure on legacy automakers in China. Several big-name car companies — including Volkswagen, BMW, and Mercedes-Benz — have recently reported slowing sales from their Chinese dealerships.

Volvo is majority-owned by Geely Auto Group, a Chinese automaking conglomerate.

The company said the reductions will be made by a combination of ending consultant contracts, natural attrition, and targeted employee exit packages.

China is not Volvo's only problem. The company also said that US tariffs and the loss of Washington's consumer incentives for electrified cars squeezed margins. Volvo previously bet heavily on a rapid consumer transition to electric vehicles, aiming for an all-electric portfolio by 2030. It's since walked back that goal to include plug-in hybrid vehicles.

The automaker also said that Polestar — its EV offshoot that is exiting the US market — also posted losses.

Volvo's answer is to get more local: the automaker said it would introduce two fresh cars tailored specifically for the Chinese market by the middle of next year. Those cars will be developed in close collaboration with Geely and will include a Chinese tech stack and advanced driver-assist technologies "to make them fully competitive in China."

• Skytrax conducted a passenger satisfaction survey to determine the best airlines to fly first class.
• Air France was named the best airline to fly first class for its 38-square-foot La Première suite.
• Airlines across the industry are adding more premium offerings to attract higher-paying customers.

As airlines across the industry bolster their premium offerings to attract higher-paying passengers, first-class amenities are only getting more luxurious.

In some first-class cabins, travelers can enjoy private suites with double beds and food by Michelin-starred chefs. Other airlines offer spacious pods with multiple seating options and headrests with built-in speakers.

Between September 2025 and August 2026, travelers from over 100 nationalities filled out an airline passenger satisfaction survey conducted by Skytrax, an aviation rating company, to determine the best airlines to fly first class.

Here are the winning first-class carriers in Skytrax's 2026 World Airline Awards.

10. Qatar Airways

Qatar Airways made the top 10 of Skytrax's ranking with amenities such as an à la carte menu, Diptyque amenity kits, and loungewear from The White Company.

9. Qantas Airways

First-class travelers on Qantas can enjoy perks like armchair seating with in-seat massages and a self-service bar and lounge.

8. ANA (All Nippon Airways)

First class on ANA includes sliding doors, lie-flat seats, and lavish meals featuring items such as sashimi, wagyu beef, and miso soup.

7. Japan Airlines

First-class suites on Japan Airlines' Airbus A350-1000s come with double beds, headrests with built-in speakers, wardrobes, and 43-inch TVs.

6. Swiss International Air Lines

Swiss International Air Lines' first-class cabins include armchairs that transform into lie-flat beds, pajamas designed by Zimmerli of Switzerland, and Cuvée Louise Champagne from Maison Pommery.

5. Cathay Pacific Airways

Cathay Pacific's first-class suites feature luxuries like 600-thread-count sheets, BOSE noise-canceling headphones, and an extensive wine selection.

4. Emirates

In addition to flying in private suites, first-class passengers on Emirates' Airbus A380 fleet also have access to a shower and lounge.

3. Lufthansa

In a 2023 press release unveiling Lufthansa's new first-class suites, Lufthansa Airlines CEO Jens Ritter said that the design "conveys the feeling of privacy and individuality similar to a hotel room." Skytrax named Lufthansa the third-best airline to fly first-class.

2. Singapore Airlines

Singapore Airlines' first-class suites are spacious enough for a bed plus a reclining chair, and two suites can be combined into a double for two people. It's the runner-up in Skytrax's ranking of the best first-class airlines.

1. Air France

Skytrax named Air France, whose first-class cabins offer a nearly 38-square-foot La Première suite and food created by Michelin-starred chefs, the best airline for first-class travel.