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.
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Eight people, including an Irish missionary and a 3-year-old child, are missing after armed men stormed a well-known orphanage near Haiti’s capital, according to authorities and aid officials.
Iran has made clear it will not include its defence capabilities in any future talks over its nuclear programme, as diplomatic contacts resume following the June conflict with Israel
Prime Minister Benjamin Netanyahu is expected to request cabinet approval for a significant expansion of Israel’s military activity in Gaza, according to several Israeli media reports.
Firefighters are struggling to contain a fast-moving wildfire in central California that has injured three people and is threatening hundreds of homes.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Eight people, including an Irish missionary and a 3-year-old child, are missing after armed men stormed a well-known orphanage near Haiti’s capital, according to authorities and aid officials.
Iran has made clear it will not include its defence capabilities in any future talks over its nuclear programme, as diplomatic contacts resume following the June conflict with Israel
Prime Minister Benjamin Netanyahu is expected to request cabinet approval for a significant expansion of Israel’s military activity in Gaza, according to several Israeli media reports.
Firefighters are struggling to contain a fast-moving wildfire in central California that has injured three people and is threatening hundreds of homes.
Two people were killed and six others wounded after gunfire broke out at an after-party linked to a weekend music festival in downtown Los Angeles.
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