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.
Türkiye has reinforced its strategic partnership with Hungary, expanding cooperation in trade, energy, defence, and innovation following high-level t...
Ukraine "deeply appreciates" the humanitarian support of Pope Leo XIV. This was stated by Ukrainian President Volodymyr Zelenskyy after a meeting betw...
Ukraine is set to present a revised 20-point peace plan to the United States today, as President Volodymyr Zelenskyy and key European leaders work to ...
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport....
Kazakhstan has begun redirecting part of its crude exports, sending oil from the Kashagan field to China for the first time....
Türkiye has reinforced its strategic partnership with Hungary, expanding cooperation in trade, energy, defence, and innovation following high-level talks between President Recep Tayyip Erdoğan and Hungarian Prime Minister Viktor Orbán in İstanbul.
Ukraine is set to present a revised 20-point peace plan to the United States today, as President Volodymyr Zelenskyy and key European leaders work to steer Washington’s ceasefire framework away from concessions they fear could lock in Russian territorial gains.
Ukraine "deeply appreciates" the humanitarian support of Pope Leo XIV. This was stated by Ukrainian President Volodymyr Zelenskyy after a meeting between the two at the papal residence of Castel Gandolfo, on Tuesday, 9 December.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
A delayed local vote in the rural Honduran town of San Antonio de Flores has become a pivotal moment in the country’s tightest presidential contest, with both campaigns watching its results as counting stretches into a second week.
Authorities in Japan lifted all tsunami warnings on Tuesday following a strong 7.5-magnitude earthquake that struck off the northeastern coast late on Monday, injuring at least 30 people and forcing around 90,000 residents to evacuate their homes.
Pressure is mounting between Venezuela and the United States as both nations emphasise military preparedness and strategic positioning.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
Tehran has protested to Washington because of the travel ban on its football team delegation as well as Iranian fans who would like to travel to the United States for the upcoming World Cup matches in 2026.
Türkiye has reinforced its strategic partnership with Hungary, expanding cooperation in trade, energy, defence, and innovation following high-level talks between President Recep Tayyip Erdoğan and Hungarian Prime Minister Viktor Orbán in İstanbul.
Ukraine "deeply appreciates" the humanitarian support of Pope Leo XIV. This was stated by Ukrainian President Volodymyr Zelenskyy after a meeting between the two at the papal residence of Castel Gandolfo, on Tuesday, 9 December.
Ukraine is set to present a revised 20-point peace plan to the United States today, as President Volodymyr Zelenskyy and key European leaders work to steer Washington’s ceasefire framework away from concessions they fear could lock in Russian territorial gains.
Thousands of civilians fled their homes as Sudan’s paramilitary Rapid Support Forces push through Darfur and Kordofan. Airstrikes and attacks on markets, schools, and camps have left many at risk.
Around 20 people have died after a major fire tore through a seven-storey office building in Indonesia capital Jakarta on Tuesday.
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