US EditionVolvo Cars to slash 3,000 jobs in white-collar cutback
- Volvo Cars, headquartered in Sweden, announced on Monday it will cut 3,000 jobs as part of a cost-reduction program.
- The cuts follow challenges in the automotive sector due to trade tensions, economic uncertainty, and 25% tariffs on imports imposed by the U.S.
- Most job losses will be office positions, with about 1,200 cuts in Sweden and 1,000 consultant roles, while remaining reductions will occur globally.
- Volvo Cars CEO Håkan Samuelsson acknowledged that the recently revealed measures were challenging choices, but emphasized they are essential for creating a more robust and durable company.
- The layoffs aim to improve cash flow and lower costs amid industry headwinds, including higher raw material prices and a shrinking European market.
192 Articles
192 Articles
Volvo cutting 3,000 jobs to reduce costs
Sweden-based Volvo Cars is eliminating 3,000 positions as part of a cost-cutting program as the automotive industry faces challenges from trade tensions and resulting economic uncertainty. The company said Monday that around 1,200 of the job reductions would come among workers in Sweden, with another 1,000 positions currently filled by…
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