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 Ministry of Foreign Affairs of the Republic of Azerbaijan (MFA), along with our embassy in the Islamic Republic of Iran and the consulate general in Tabriz, continues the process of evacuating Azerbaijani citizens and foreigners from Iranian territory.
International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi has strongly rejected allegations that the IAEA Board of Governors’ June 12 report provided Israel with justification to attack Iran. Grossi emphasized that the agency’s role and reports can never be used to legitimize
Denmark announced it will continue backing Ukraine’s bid for European Union membership despite Hungary’s ongoing blockade, as it prepares to assume the presidency of the European Council on July 1.
Maria Zakharova, spokesperson for the Russian Foreign Ministry, urged the Israeli government to immediately stop its attacks on Iran’s nuclear sites during a press conference at the St. Petersburg International Economic Forum (SPIEF).
The Ministry of Foreign Affairs of the Republic of Azerbaijan (MFA), along with our embassy in the Islamic Republic of Iran and the consulate general in Tabriz, continues the process of evacuating Azerbaijani citizens and foreigners from Iranian territory.
International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi has strongly rejected allegations that the IAEA Board of Governors’ June 12 report provided Israel with justification to attack Iran. Grossi emphasized that the agency’s role and reports can never be used to legitimize
Denmark announced it will continue backing Ukraine’s bid for European Union membership despite Hungary’s ongoing blockade, as it prepares to assume the presidency of the European Council on July 1.
Maria Zakharova, spokesperson for the Russian Foreign Ministry, urged the Israeli government to immediately stop its attacks on Iran’s nuclear sites during a press conference at the St. Petersburg International Economic Forum (SPIEF).
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 17th, covering the latest developments you need to know.
SpaceX’s massive Starship spacecraft dramatically exploded late Wednesday night during testing at the company’s test site in Brownsville, Texas. The incident marks the latest setback for billionaire Elon Musk’s ambitious plan to send humans to Mars.
International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi has strongly rejected allegations that the IAEA Board of Governors’ June 12 report provided Israel with justification to attack Iran. Grossi emphasized that the agency’s role and reports can never be used to legitimize
Denmark announced it will continue backing Ukraine’s bid for European Union membership despite Hungary’s ongoing blockade, as it prepares to assume the presidency of the European Council on July 1.
Ukrainian President Volodymyr Zelenskiy has underscored the urgent need to ramp up international pressure on Russia following Moscow’s defense of the Iranian regime.
President Donald Trump has said he will make a decision in the coming two weeks on whether the United States will strike Iran, citing a possibility of upcoming negotiations.
The Ministry of Foreign Affairs of the Republic of Azerbaijan (MFA), along with our embassy in the Islamic Republic of Iran and the consulate general in Tabriz, continues the process of evacuating Azerbaijani citizens and foreigners from Iranian territory.
International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi has strongly rejected allegations that the IAEA Board of Governors’ June 12 report provided Israel with justification to attack Iran. Grossi emphasized that the agency’s role and reports can never be used to legitimize
Denmark announced it will continue backing Ukraine’s bid for European Union membership despite Hungary’s ongoing blockade, as it prepares to assume the presidency of the European Council on July 1.
Maria Zakharova, spokesperson for the Russian Foreign Ministry, urged the Israeli government to immediately stop its attacks on Iran’s nuclear sites during a press conference at the St. Petersburg International Economic Forum (SPIEF).
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