Volvo Cars to Cut 3,000 Jobs Amid Global Automotive Challenges
Volvo Cars is set to cut 3,000 jobs as part of a cost-reduction strategy in response to global automotive industry challenges like trade tensions and economic uncertainty. The majority of job cuts will occur in Sweden, impacting office roles, as Volvo aims to enhance cash flow and reduce costs structurally.
- Country:
- Germany
Volvo Cars, headquartered in Sweden, announced that it will eliminate 3,000 jobs as the company navigates an environment of trade tensions and economic uncertainty affecting the automotive industry.
This reduction includes 1,200 jobs in Sweden and 1,000 consultant roles, mostly in the same region. The remainder of the cuts will occur in other global markets.
Håkan Samuelsson, president and CEO, emphasized the necessity of these difficult decisions to build a stronger Volvo Cars as the company seeks to improve cash flow and structurally reduce costs amidst an industry facing higher raw material costs, a shrinking European market, and tariffs imposed by the US.
(With inputs from agencies.)
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