Sweden-based car manufacturer Volvo Cars is reducing 3,000 jobs globally as it tackles economic uncertainty in the automotive industry. The main cuts will be among office staff across various global markets. Håkan Samuelsson, CEO of Volvo Cars, stated that these decisions are “difficult but necessary” steps towards making the company more resilient.
The carmaker cited several headwinds affecting the industry, including rising raw material costs and tariffs imposed by US President Donald Trump. With a total workforce of 42,600 employees, this latest move is part of Volvo’s efforts to improve cash flow generation and reduce structural costs.
Volvo operates in multiple countries, with its main headquarters in Sweden, along with production facilities in Belgium, South Carolina, and China. The company will focus on building a stronger presence despite these challenges.
Source: https://apnews.com/article/sweden-volvo-job-cuts-cost-reductions-40fff1a47c6f9a68a87f1fa70b23895e