Volvo Cars, headquartered in Sweden, is cutting 3,000 jobs as part of cost-saving measures amid industry-wide struggles due to trade tensions and growing economic uncertainty, reports Breaking News.
The company stated that about 1,200 of these job cuts will affect employees in Sweden, while an additional 1,000 consultant roles—mainly in Sweden—will also be eliminated.
The remaining reductions will occur across other international markets. Most of the roles being cut are administrative positions.
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“The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars,” said Hakan Samuelsson, Volvo Cars president and chief executive, reports Breaking News.
“The automotive industry is in the middle of a challenging period. To address this, we must improve our cash flow generation and structurally lower our costs,” reports Breaking News.
Volvo Cars, which is owned by China’s Geely, currently employs 42,600 people globally on a full-time basis, reports Breaking News.
Automakers worldwide are facing multiple challenges, including increased raw material costs, a weakening European automotive market, and U.S. President Donald Trump’s 25% tariffs on imported vehicles and steel.
The company’s main headquarters and product development facilities are in Gothenburg, Sweden, while manufacturing operations are located in Belgium, South Carolina, and China, reports Breaking News.
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