Tue, 27 May 2025

Tue, 27 May 2025 Chinese-owned Volvo Cars to cut 3,000 jobs

The firm's boss pointed to the "challenging period" faced by the industry as a reason for the layoffs.

* Volvo Cars will cut around 3,000 jobs as part of its cost-cutting measures
* The layoffs will mainly impact office-based positions in Sweden, representing about 15% of its white collar workforce
* The company cited challenging industry conditions, including US tariffs on imported cars and slower sales in Europe, as reasons for the cuts
* Volvo Cars' global sales fell by 11% in April compared to the same period last year
* The job cuts are part of a larger restructuring plan announced last month, which aims to make the company more resilient and competitive
* The layoffs bring the total number of jobs cut by Volvo Cars over the past year to around 20,000, or 15% of its workforce.
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