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.
Thousands of protesters, including students and artists, marched through Prague and other Czech cities on Tuesday as public television and radio wo...
As oil prices surge amid conflict in the Gulf, energy leaders at ADIPEC in Abu Dhabi are confronting two major challenges: securing global supplies...
Spain's Transport Minister Óscar Puente has resigned six days after a deadly high-speed train collision that killed at least 69 people, ...
Democrats captured majorities in both chambers of Congress on Tuesday, scoring sweeping victories that reached into Republican strongholds, with millions of voters delivering a strong rebuke to President Donald Trump.
From international reporting and investigative documentaries to global forums and digital innovation, AnewZ marks two years of connecting Azerbaijan and the wider world.
Democrat wins surged on Tuesday across the United States with stunning victories in the South Carolina, Texas and Ohio senate races -- traditionally Republican strongholds -- in the 3 November midterm elections.
Iranian parliament speaker Mohammad Bagher Ghalibaf says the U.S. must act to prevent war after Tehran sent a “strong and rational response” to Washington. Meanwhile, U.S. forces have reportedly carried out limited strikes against Iranian targets, including Qeshm Island,
U.S. President Donald Trump says Washington will end its annual financial and military aid to Israel by the end of 2026, under an agreement he claims to have reached with Israeli Prime Minister Benjamin Netanyahu.
Thousands of protesters, including students and artists, marched through Prague and other Czech cities on Tuesday as public television and radio workers staged a one-day strike over government plans to cut funding and bring the broadcasters under state budget control.
As oil prices surge amid conflict in the Gulf, energy leaders at ADIPEC in Abu Dhabi are confronting two major challenges: securing global supplies and meeting soaring electricity demand from artificial intelligence.
North Korea fired multiple missiles into the sea off its east coast on Wednesday, South Korea's Defence Ministry said, in Pyongyang's fourth weapons launch in a month.
Bomb threats targeting at least seven flights and a cruise ship across Europe on Tuesday, 3 November, sparked flight diversions, airport disruptions and widespread security searches. No explosives were found, and no group has claimed responsibility.
From international reporting and investigative documentaries to global forums and digital innovation, AnewZ marks two years of connecting Azerbaijan and the wider world.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment