Volvo to cut 2,500 jobs after Q3 losses
Volvo Cars announces the elimination of 2,500 jobs, mostly in Sweden, as part of cost-cutting measures due to declining financial performance and reduced demand for vehicles, particularly electric ones, driven by Chinese competition and tariffs. The company recorded an adjusted operating loss of 3.7 billion Swedish kronor in the third quarter, compared to a profit of 5.8 billion kronor in the same period last year. The group is aiming to achieve additional savings of 5 billion kronor by the end of next year through ending consultant contracts and not replacing departing employees, amidst challenging market conditions and declining revenues in China. This follows the company’s withdrawal of its sales and cash flow forecasts for this year, amid ongoing market challenges.
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