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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Hundreds of flights have been cancelled or rerouted at Catania Airport over the past week as ash from Mount Etna’s ongoing eruption continues to disrupt air travel in Sicily.
Iran says the Strait of Hormuz remains under its control, rejecting U.S. President Donald Trump’s claim of “total control” over the strategic waterway and insisting it will not reopen until Washington fulfils its commitments under an interim deal.
The U.S. will impose unprecedented measures on Iran in order to economically isolate the country, U.S. Treasury Secretary Scott Bessent has said.
One person has been killed and six others injured after an explosion at a petroleum storage facility at the Port of Rotterdam, prompting an investigation into the cause.
Wildfires across England and Wales have reached their highest level on record, according to the National Fire Chiefs Council, as firefighters struggle to contain outbreaks following a spell of extreme heat.
At least 20 people have been killed after a magnitude 7.7 earthquake struck off eastern Indonesia early on Saturday, triggering small tsunami waves and dozens of aftershocks, officials say.
Jason Arday, the former University of Cambridge professor at the centre of a plagiarism row, has been found dead. He was appointed Cambridge's youngest ever Black professor in 2023, but quit on 5 August, after being accused of lifting passages from his PhD from the work of other academics.
Wildfires across England and Wales have reached their highest level on record, according to the National Fire Chiefs Council, as firefighters struggle to contain outbreaks following a spell of extreme heat.
A federal court has allowed the Trump administration to move forward with ending temporary immigration protections for Somali nationals living in the United States, a decision that could leave more than 1,000 people vulnerable to deportation.
Iran and Afghanistan are seeking closer cooperation in agriculture, livestock and irrigation during a three-day Iranian ministerial visit to Kabul, as both sides look to strengthen trade and rural economies.
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