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.
President Ilham Aliyev said Azerbaijan ended 2025 as a year of peace, security and stability, stressing that unity between the people and the governme...
Iranian President Masoud Pezeshkian warned that Tehran’s answer to any aggression will be decisive and “discouraging” and Foreign Minister Abbas...
The United States Embassy in Tashkent has confirmed that the issuance of Diversity Visas (DV) commonly referred to as Green Card visas has been suspen...
Afghanistan is expected to remain one of the world’s largest humanitarian crises in 2026, with nearly half of the population projected to require hu...
The Russian radio station known as 'Doomsday Radio' (or UVB-76) unexpectedly began playing ‘Swan Lake’, music from a ballet composition. The last ...
President Ilham Aliyev said Azerbaijan ended 2025 as a year of peace, security and stability, stressing that unity between the people and the government remained the main factor behind the country’s achievements.
Almost seventeen years ago, in December 2008, I worked with a film crew shooting a documentary on the Armenia and Azerbaijan conflict for Al Jazeera English.
A tragic train collision near Machu Picchu, one of Peru's most iconic tourist destinations, has resulted in the death of a train driver and left at least 40 others injured. The incident occurred on Tuesday, when two trains collided head-on on the railway that leads to the ancient Inca citadel, which
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 31st of December, covering the latest developments you need to know.
The Russian radio station known as 'Doomsday Radio' (or UVB-76) unexpectedly began playing ‘Swan Lake’, music from a ballet composition. The last time this was done was during the deaths of Soviet-era leaders and the 1991 coup.
Protests in Iran over soaring prices and a plunging rial have spread to universities in Tehran, as students join shopkeepers and bazaar merchants in demanding government action. With inflation above 42% and the rial at record lows, unrest continues to grow across the country.
As Russia’s war in Ukraine enters its fourth year, rising casualties, economic struggles, and mounting unrest expose cracks in society. Despite Kremlin propaganda, frustration is growing as more Russians question the government’s narrative, according to The Washington Post.
The head of Yemen’s Presidential Council, Rashad al-Alimi, has ordered all forces linked to the United Arab Emirates to leave Yemen within 24 hours.
European leaders held talks on Ukraine after Russia said it would revise its negotiating position, citing an alleged Ukrainian drone attack that Kyiv has firmly denied.
Iranian President Masoud Pezeshkian warned that Tehran’s answer to any aggression will be decisive and “discouraging” and Foreign Minister Abbas Araghchi urged his counterparts to strongly denounce US President Donald Trump’s recent threat of military strike against Iran.
The United States Embassy in Tashkent has confirmed that the issuance of Diversity Visas (DV) commonly referred to as Green Card visas has been suspended, although applicants may continue to submit applications and attend interviews, according to an official embassy statement.
Afghanistan is expected to remain one of the world’s largest humanitarian crises in 2026, with nearly half of the population projected to require humanitarian assistance, according to a new report published by the United Nations Office for the Coordination of Humanitarian Affairs (OCHA).
The Russian radio station known as 'Doomsday Radio' (or UVB-76) unexpectedly began playing ‘Swan Lake’, music from a ballet composition. The last time this was done was during the deaths of Soviet-era leaders and the 1991 coup.
Türkiye will never tolerate coercion, piracy, or banditry in its maritime “blue homeland,” President Recep Tayyip Erdoğan said on Wednesday.
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