Volvo to cut 2,500 jobs amid losses
Swedish car manufacturer Volvo announced the elimination of approximately 2,500 jobs worldwide after recording losses in the third quarter, due to the impact of US tariffs and fierce competition in the Chinese market. The company reported revenues of $6.7 billion, a decline of about 23% compared to the same period last year, shifting from a net profit of 4.5 billion kronor to a loss of 5.7 billion kronor. In response to these circumstances, Volvo revealed a cost-cutting plan worth 5 billion kronor, which includes the elimination of around 2,000 jobs in Sweden and 500 elsewhere globally, through natural attrition and targeted severance packages. The company is focusing on electric vehicles and was negatively affected by the cancellation of incentives in the United States. It also announced that it is reviewing its plan to transition to fully electric vehicle sales by the end of the decade, while emphasizing the implementation of decisive measures to improve financial recovery and short-term resilience.
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