Sweden-based Volvo Cars announced plans to cut around 3,000 jobs, mostly office positions in Sweden, affecting about 15% of its white-collar workforce.
The move is part of an 18 billion Swedish kronor ($1.9 billion) cost-cutting plan announced last month.
Volvo, owned by China’s Geely Holding since 2010, is facing major industry pressures including U.S. tariffs on imported cars, rising material costs, and slower sales in Europe. CEO Håkan Samuelsson said these were “difficult decisions” needed to build a stronger, more resilient company.
The company reported an 11% drop in global sales for April compared to last year. Volvo’s main headquarters and development centers are in Gothenburg, Sweden, with major plants in Sweden, Belgium, China, and the U.S.
Volvo had planned to sell only electric vehicles by 2030 but scaled back this goal amid tariff uncertainties and other challenges.
Similarly, Japanese automaker Nissan announced it will cut 11,000 jobs globally and close seven factories due to weak sales and a failed merger with Honda and Mitsubishi.
Meanwhile, Chinese EV giant BYD has cut prices on over 20 models, dropping its cheapest Seagull EV to about $7,745 (£5,700). This sparked price cuts from competitors Changan and Leapmotor and caused shares in Chinese car makers to fall.
BYD also outsold Tesla in Europe for the first time in April, while Tesla’s sales there fell by half, partly due to increased competition and Elon Musk’s ties with U.S. President Donald Trump. Despite this, overall electric vehicle sales in Europe rose by over 27% in April compared to 2024.
U.S. President Donald Trump landed in South Korea on Wednesday for the final leg of his Asia trip, optimistic about striking a trade war truce with Ch...
U.S. President Donald Trump said on Wednesday that a U.S.-backed ceasefire in Gaza was not at risk after local authorities reported that 26 people had...
South Korea will welcome U.S. President Donald Trump on Wednesday with a replica gold crown and award him with the "Grand Order of Mugunghwa", the cou...
Hurricane Melissa barrelled toward Cuba’s second-largest city on Tuesday after making landfall in Jamaica as a catastrophic Category 5 storm, the st...
South Korea aims to deepen cooperation with the United States, stabilise supply chains with China, and diversify its trading partners to navigate glob...
U.S. President Donald Trump landed in South Korea on Wednesday for the final leg of his Asia trip, optimistic about striking a trade war truce with Chinese President Xi Jinping after summit talks with South Korea's Lee Jae Myung.
U.S. President Donald Trump said on Wednesday that a U.S.-backed ceasefire in Gaza was not at risk after local authorities reported that 26 people had been killed in Israeli strikes, as Israel and Hamas traded accusations of blame for the violence.
South Korea will welcome U.S. President Donald Trump on Wednesday with a replica gold crown and award him with the "Grand Order of Mugunghwa", the country's highest decoration, the presidential office said.
Hurricane Melissa barrelled toward Cuba’s second-largest city on Tuesday after making landfall in Jamaica as a catastrophic Category 5 storm, the strongest cyclone ever recorded to hit the Caribbean island nation.
A small, silent object from another star is cutting through the Solar System. It’s real, not a film, and one scientist thinks it might be sending a message.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 29 October, covering the latest developments you need to know.
U.S. President Donald Trump landed in South Korea on Wednesday for the final leg of his Asia trip, optimistic about striking a trade war truce with Chinese President Xi Jinping after summit talks with South Korea's Lee Jae Myung.
U.S. President Donald Trump said on Wednesday that a U.S.-backed ceasefire in Gaza was not at risk after local authorities reported that 26 people had been killed in Israeli strikes, as Israel and Hamas traded accusations of blame for the violence.
South Korea will welcome U.S. President Donald Trump on Wednesday with a replica gold crown and award him with the "Grand Order of Mugunghwa", the country's highest decoration, the presidential office said.
Hurricane Melissa barrelled toward Cuba’s second-largest city on Tuesday after making landfall in Jamaica as a catastrophic Category 5 storm, the strongest cyclone ever recorded to hit the Caribbean island nation.
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