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.
A German court dismissed a Peruvian farmer’s case against energy giant RWE, but the ruling is being celebrated as a turning point in climate litigation, recognizing companies’ potential liability for emissions—despite a technical loss.
Police detained five individuals on Wednesday during a protest linked to Gal Gadot’s latest film shoot in central London, citing offences including harassment and obstruction of workplace access.
A navy patrol plane crashed near the eastern mountains of Pohang, South Korea, on Thursday, with smoke reported from the site.
OPEC+ is turning up the heat on U.S. shale producers in a renewed bid to reclaim market share, but early signs of slowdown suggest it will take more sustained pressure to truly shift the global oil balance.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 29th, covering the latest developments you need to know.
A German court dismissed a Peruvian farmer’s case against energy giant RWE, but the ruling is being celebrated as a turning point in climate litigation, recognizing companies’ potential liability for emissions—despite a technical loss.
In a major blow to one of President Donald Trump’s key economic policies, a US federal court has blocked the administration’s sweeping global tariff regime, ruling that the White House overstepped its constitutional authority.
Police detained five individuals on Wednesday during a protest linked to Gal Gadot’s latest film shoot in central London, citing offences including harassment and obstruction of workplace access.
OPEC+ is turning up the heat on U.S. shale producers in a renewed bid to reclaim market share, but early signs of slowdown suggest it will take more sustained pressure to truly shift the global oil balance.
Italian Prime Minister Giorgia Meloni will welcome French President Emmanuel Macron to Rome on 3 June for bilateral and international discussions, her office confirmed.
AnewZ takes to the streets of Yerevan and Baku to ask a simple yet deeply complex question: How do you see peace between Armenia and Azerbaijan? In the first part of our special report, we hear the hopes, doubts, and scars still shaping people’s perspectives on both sides.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Kyiv faced a large-scale Russian drone and missile assault overnight, with explosions and gunfire echoing throughout the city, forcing residents to shelter in subway stations.
Experts say there is no proof a renewable energy experiment led to the widespread blackout across the Iberian Peninsula in April, as investigations point to a complex grid failure with no single identified cause.
At Asia's top security summit, the U.S. Defence Secretary Pete Hegseth aims to restore confidence among allies amid rising regional competition with China.
In a major blow to one of President Donald Trump’s key economic policies, a US federal court has blocked the administration’s sweeping global tariff regime, ruling that the White House overstepped its constitutional authority.
Italian Prime Minister Giorgia Meloni will welcome French President Emmanuel Macron to Rome on 3 June for bilateral and international discussions, her office confirmed.
Start your day informed with AnewZ Morning Brief: here are the top news stories for May 29th, covering the latest developments you need to know.
A German court dismissed a Peruvian farmer’s case against energy giant RWE, but the ruling is being celebrated as a turning point in climate litigation, recognizing companies’ potential liability for emissions—despite a technical loss.
In a major blow to one of President Donald Trump’s key economic policies, a US federal court has blocked the administration’s sweeping global tariff regime, ruling that the White House overstepped its constitutional authority.
Police detained five individuals on Wednesday during a protest linked to Gal Gadot’s latest film shoot in central London, citing offences including harassment and obstruction of workplace access.
OPEC+ is turning up the heat on U.S. shale producers in a renewed bid to reclaim market share, but early signs of slowdown suggest it will take more sustained pressure to truly shift the global oil balance.
Italian Prime Minister Giorgia Meloni will welcome French President Emmanuel Macron to Rome on 3 June for bilateral and international discussions, her office confirmed.
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