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.
A Memorandum of Understanding (MoU) was signed on July 12 between the State Oil Company of the Republic of Azerbaijan (SOCAR) and the Government of th...
On July 12, the Transitional President of the Syrian Arab Republic, Ahmad Al-Sharaa, arrived in the Republic of Azerbaijan for a working visit....
China and the Association of Southeast Asian Nations (ASEAN) have agreed to present an upgraded free trade agreement to their leaders for approval in ...
European wine and dairy producers are facing growing uncertainty as new U.S. tariffs threaten to disrupt exports to one of their most lucrative market...
Start your day informed with AnewZ Morning Brief: here are the top news stories for 12th July, covering the latest developments you need to know....
A Memorandum of Understanding (MoU) was signed on July 12 between the State Oil Company of the Republic of Azerbaijan (SOCAR) and the Government of the Syrian Arab Republic, during the working visit of Syria’s Transitional President Ahmad Al-Shaar to Azerbaijan.
On July 12, the Transitional President of the Syrian Arab Republic, Ahmad Al-Sharaa, arrived in the Republic of Azerbaijan for a working visit.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 12th July, covering the latest developments you need to know.
China and the Association of Southeast Asian Nations (ASEAN) have agreed to present an upgraded free trade agreement to their leaders for approval in October, Chinese Foreign Minister Wang Yi announced on Saturday.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
French member of parliament Olivier Marleix was found dead at his home on Monday, with suicide being considered a possible cause.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
he U.S. Defence Department has asked Japan and Australia to spell out how they would respond if fighting broke out over Taiwan, the Financial Times reported on Saturday, citing people familiar with recent talks.
Russian Foreign Minister Sergei Lavrov said on Saturday that North Korea had reaffirmed full support for Moscow’s war in Ukraine during talks in the coastal city of Wonsan, underscoring an alliance that South Korea believes may soon send even more Pyongyang troops to the front.
The chiefs of Gazprom and China National Petroleum Corp met in Beijing on Friday to chart wider Russian gas deliveries, as the Power of Siberia pipeline nears full 38 billion-cubic-metre capacity and the two sides still haggle over prices for a larger Siberia-2 link.
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