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.
President of the Republic of Azerbaijan Ilham Aliyev welcomed a Croatian delegation led by Gordan Jandroković, Speaker of the Croatian Parliament, ma...
A new stage of economic transformation is under way in Karakalpakstan, where authorities have announced 27 large-scale projects worth nearly $2 billio...
The Royal Swedish Academy of Sciences announced that the 2025 Nobel Prize in Chemistry has been awarded to Susumu Kitagawa of Kyoto University, Richar...
Czech Republic election winner ANO hopes to conclude negotiations with two small parties on forming a new government by the beginning of November, par...
Hamas said on Wednesday (8 October) it had exchanged a list of the names of Israeli hostages and Palestinian prisoners to be released under a swap dea...
President of the Republic of Azerbaijan Ilham Aliyev welcomed a Croatian delegation led by Gordan Jandroković, Speaker of the Croatian Parliament, marking his first official visit to Azerbaijan.
A new stage of economic transformation is under way in Karakalpakstan, where authorities have announced 27 large-scale projects worth nearly $2 billion with an aim to boost growth in the region.
The Royal Swedish Academy of Sciences announced that the 2025 Nobel Prize in Chemistry has been awarded to Susumu Kitagawa of Kyoto University, Richard Robson of the University of Melbourne, and Omar Yaghi of the University of California.
Four people have been confirmed dead after a six-storey building collapsed in central Madrid while being converted into a hotel, authorities said, following a 15-hour rescue effort involving drones and sniffer dogs.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
Czech Republic election winner ANO hopes to conclude negotiations with two small parties on forming a new government by the beginning of November, party leader Andrej Babis said on Wednesday (8 October).
Türkiye on Wednesday slammed an intervention by Israeli forces against a flotilla attempting to deliver humanitarian aid to Gaza as an act of piracy and a violation of international law.
Caretaker French Prime Minister Sebastien Lecornu struck a cautiously optimistic tone on Wednesday (8 October), saying a deal could potentially be reached on the country's budget by year end, making the risk of a snap election more remote.
Four people have been confirmed dead after a six-storey building collapsed in central Madrid while being converted into a hotel, authorities said, following a 15-hour rescue effort involving drones and sniffer dogs.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 8th of October, covering the latest developments you need to know.
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