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.
Both the United States and Iran are giving conflicting messages about trying to end the conflict in the Middle East, meanwhile Pakistan has offered...
Moldova's parliament approved the introduction of a 60-day energy state of emergency after Russian attacks in ...
A New Mexico jury on Tuesday found Meta Platforms violated state law in a lawsuit brought by the stat...
Meta Platforms is increasing compensation for top executives, including its first-ever offer of stock options, ...
A flotilla carrying humanitarian aid arrived in Havana on Tuesday morning (24 March) amid a U.S. oil blockade t...
Both the United States and Iran are giving conflicting messages about trying to end the conflict in the Middle East, meanwhile Pakistan has offered to be a mediator and a reported 15 point plan has been sent to Tehran. Welcome to AnewZ's coverage of the tensions in the Middle East.
The referendum on 15 March marked a pivotal moment for Kazakhstan, signalling both domestic renewal and international reassurance. By adopting a new constitution, Kazakhstan is seeking to modernise governance, enhance institutional cohesion, and strengthen its regional, global role
A New Mexico jury on Tuesday found Meta Platforms violated state law in a lawsuit brought by the state attorney general, who accused the company of misleading users about the safety of Facebook, Instagram and WhatsApp and of enabling child sexual exploitation on those platforms.
Meta Platforms is increasing compensation for top executives, including its first-ever offer of stock options, as it tries to fend off competition in the artificial intelligence (AI) race and incentivize leaders to stay with the company for several years.
U.S. President Donald Trump said the U.S. was talking to the right people in Iran to make a deal on Tuesday (24 March), as Pakistan's Prime Minister offered to host peace talks between the two countries to bring about an end to the conflict.
Afghan authorities say Pakistani jets entered northern Afghanistan, while Pakistan insists its actions target terrorism, highlighting continued strain after a temporary Eid ceasefire ended.
As conflict continues to unsettle the Middle East, airlines are being forced to make difficult, fast-moving decisions - redrawing flight paths and searching for safe skies. Amid this uncertainty, Azerbaijan has emerged as a crucial gateway linking Europe and Asia.
FinaFinal results from Slovenia’s parliamentary elections indicate a near tie between the Slovenian Democratic Party (SDS) and the liberal Freedom Movement Slovenia (GS), leaving neither side with a clear path to power.
In a metro station in downtown Tehran, pictures of Iranian school children alleged to have been killed by U.S.-Israel attacks are being displayed along the walls.
Moldova's parliament approved the introduction of a 60-day energy state of emergency after Russian attacks in neighbouring Ukraine knocked out of service a power line providing most of the country's energy. Deputies approved the measure with 72 votes in favour in the 101-member chamber.
A New Mexico jury on Tuesday found Meta Platforms violated state law in a lawsuit brought by the state attorney general, who accused the company of misleading users about the safety of Facebook, Instagram and WhatsApp and of enabling child sexual exploitation on those platforms.
A flotilla carrying humanitarian aid arrived in Havana on Tuesday morning (24 March) amid a U.S. oil blockade that has dealt a major blow to the island's already ailing energy infrastructure.
Danish Prime Minister Mette Frederiksen's Social Democrats were headed for their worst election outcome in more than a century on Tuesday, as migration and welfare concerns obscured broad support for her defiant stance toward Washington over Greenland.
Voting has ended in Denmark’s parliamentary election, with Prime Minister Mette Frederiksen seeking a third term after a campaign shaped by tensions with the U.S. over Greenland and mounting domestic concerns.
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