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 has announced plans to issue a new executive order aimed at addressing labor shortages in the agriculture and tourism sectors, which have been affected by his administration’s stricter immigration policies.
Liam Payne's final onscreen appearance will air next month as part of a Netflix series, following the approval of his family who reviewed the content and supported his involvement in the music competition.
US producer prices rose 2.6% annually in May, matching market expectations, with a modest 0.1% increase from April, the US Bureau of Labor Statistics reported.
Within the framework of the international event on energy efficiency held in Brussels, Azerbaijan’s Minister of Energy, Parviz Shahbazov, met with the Executive Director of the International Energy Agency (IEA), Fatih Birol.
Tensions between the U.S., Israel, and Iran are nearing a critical point as President Trump warns that an Israeli strike on Iran "could very well happen," while still expressing hopes for a peaceful resolution over Tehran’s nuclear ambitions.
U.S. President Donald Trump has announced plans to issue a new executive order aimed at addressing labor shortages in the agriculture and tourism sectors, which have been affected by his administration’s stricter immigration policies.
Liam Payne's final onscreen appearance will air next month as part of a Netflix series, following the approval of his family who reviewed the content and supported his involvement in the music competition.
Within the framework of the international event on energy efficiency held in Brussels, Azerbaijan’s Minister of Energy, Parviz Shahbazov, met with the Executive Director of the International Energy Agency (IEA), Fatih Birol.
US producer prices rose 2.6% annually in May, matching market expectations, with a modest 0.1% increase from April, the US Bureau of Labor Statistics reported.
Tensions between the U.S., Israel, and Iran are nearing a critical point as President Trump warns that an Israeli strike on Iran "could very well happen," while still expressing hopes for a peaceful resolution over Tehran’s nuclear ambitions.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 8th, covering the latest developments you need to know.
Presidential candidate Miguel Uribe Turbay is in critical condition after being shot three times — including twice in the head — during a campaign event in Bogotá.
A 30-year-old woman was shot by police in Munich on Saturday evening after stabbing two people at Theresienwiese, a central park best known for hosting Oktoberfest.
Kazakhstan and the UK are strengthening defense ties with a new Military Cooperation Plan, focusing on peacekeeping and military education.
Mexican President Claudia Sheinbaum has condemned U.S. immigration raids and National Guard deployment in Los Angeles, calling for reforms instead of enforcement.
Italy’s Prime Minister Giorgia Meloni Meets NATO Secretary General Mark Rutte Ahead of Defense Spending Summit
Mexican President Claudia Sheinbaum has openly expressed her opposition to labeling migrant workers as criminals during a high-level meeting with U.S. Deputy Secretary of State Christopher Landau.
Tensions between the U.S., Israel, and Iran are nearing a critical point as President Trump warns that an Israeli strike on Iran "could very well happen," while still expressing hopes for a peaceful resolution over Tehran’s nuclear ambitions.
Türkiye and Azerbaijan are deepening defense ties with two major joint military drills in Nakhchivan this June, aiming to strengthen strategic cooperation and regional readiness.
European foreign ministers agreed to increase pressure on Russia by imposing new sanctions targeting its energy and banking sectors amid ongoing conflict with Ukraine.
U.S. President Donald Trump has announced plans to issue a new executive order aimed at addressing labor shortages in the agriculture and tourism sectors, which have been affected by his administration’s stricter immigration policies.
Liam Payne's final onscreen appearance will air next month as part of a Netflix series, following the approval of his family who reviewed the content and supported his involvement in the music competition.
Within the framework of the international event on energy efficiency held in Brussels, Azerbaijan’s Minister of Energy, Parviz Shahbazov, met with the Executive Director of the International Energy Agency (IEA), Fatih Birol.
US producer prices rose 2.6% annually in May, matching market expectations, with a modest 0.1% increase from April, the US Bureau of Labor Statistics reported.
Tensions between the U.S., Israel, and Iran are nearing a critical point as President Trump warns that an Israeli strike on Iran "could very well happen," while still expressing hopes for a peaceful resolution over Tehran’s nuclear ambitions.
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