Volvo Cars to cut about 2,500 jobs, mostly in Sweden
Business
Volvo Cars is letting go of about 2,500 employees worldwide after a tough quarter hit by US tariffs and intense competition in China.
Most layoffs will happen in Sweden, with 2,000 jobs affected there and another 500 globally through natural attrition and exit packages.
CEO Hakan Samuelsson pointed to big challenges like deglobalization and climate change making things harder for the company.
Volvo Cars revenue nearly 23% lower
Volvo's revenue dropped nearly 23% this quarter compared to last year, leading to a net loss instead of profit.
To cope, the company is rolling out a 5 billion kronor cost-saving plan.
It is also rethinking its all-electric car strategy after US incentives for EVs were pulled back, showing how fast-changing markets are forcing Volvo to adapt.