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.
The claim that U.S. President Donald Trump's intervention stopped the execution of 800 detainees is "completely false", said prosecutor-general of Ira...
The Turkish Defence Ministry has called for the Syrian Democratic Forces (SDF)’s “unconditional compliance” with the 18 January ceasefire agreem...
The United Nations nuclear watchdog must clarify its stance on U.S. and Israeli attacks on Iran's nuclear sites last June that lasted 12 days, before ...
SOCAR’s Carbamide plant in Sumgayit has been recognised by the World Economic Forum (WEF) as a Global Lighthouse site, marking Azerbaijan’s first ...
In the snowy peaks of Davos, where the world’s most powerful leaders gather for the 56th World Economic Forum, a new narrative is emerging that chal...
The claim that U.S. President Donald Trump's intervention stopped the execution of 800 detainees is "completely false", said prosecutor-general of Iran, Mohammad Movahedi on Friday (23 January). According to him, the number cited by Trump does not exist and the judiciary has made no such decision.
The Turkish Defence Ministry has called for the Syrian Democratic Forces (SDF)’s “unconditional compliance” with the 18 January ceasefire agreement between the Kurdish-led militant group and Damascus.
SOCAR’s Carbamide plant in Sumgayit has been recognised by the World Economic Forum (WEF) as a Global Lighthouse site, marking Azerbaijan’s first inclusion in the Forum’s flagship Industry 4.0 network.
Turkish President Recep Tayyip Erdoğan has told his Iranian counterpart Masoud Pezeshkian that Türkiye opposes any form of foreign intervention in Iran, as protests and economic pressures continue to fuel tensions in the Islamic republic.
Qarabağ claimed a late 3–2 victory over Eintracht Frankfurt in the UEFA Champions League on Wednesday night, scoring deep into stoppage time to secure a dramatic home win in Baku.
Russian President Vladimir Putin said on Wednesday that Moscow could pay $1 billion from Russian assets frozen abroad to secure permanent membership in President Donald Trump’s proposed ‘Board of Peace’.
President Donald Trump said on Thursday that the United States has an "armada" heading toward Iran but hoped he would not have to use it, as he renewed warnings to Tehran against killing protesters or restarting its nuclear programme.
A commuter train collided with a construction crane in southeastern Spain on Thursday (22 January), injuring several passengers, days after a high-speed rail disaster in Andalusia killed at least 43 people.
Turkish President Recep Tayyip Erdoğan has told his Iranian counterpart Masoud Pezeshkian that Türkiye opposes any form of foreign intervention in Iran, as protests and economic pressures continue to fuel tensions in the Islamic republic.
In the snowy peaks of Davos, where the world’s most powerful leaders gather for the 56th World Economic Forum, a new narrative is emerging that challenges the current dominance of artificial intelligence (AI).
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 23th of January, covering the latest developments you need to know.
The United States officially left the World Health Organization on 22 January, triggering a financial and operational crisis at the United Nations health agency. The move follows a year of warnings from global health experts that a U.S. exit could undermine public health at home and abroad.
Jared Kushner, U.S. President Donald Trump’s senior adviser, unveiled plans for a “New Gaza” on 23 January in Davos. The initiative to rebuild the war‑torn territory with residential, industrial, and tourism zones accompanies the launch of Trump’s Board of Peace to end the Israel-Hamas war.
TikTok’s Chinese owner, ByteDance, has finalised a deal to create a majority American-owned joint venture that will secure U.S. user data, safeguarding the popular short-video app from a potential U.S. ban. The move comes after years of political and legal battles over national security concerns.
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