Volvo is cutting 3,000 jobs
The Swedish manufacturer cites the ongoing downturn in the automotive industry as the reason for the decision, which is part of a savings plan totaling about $1.89 billion.
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(AFP) Swedish carmaker Volvo, owned by Chinese group Geely, announced Monday that it will cut 3,000 jobs—about 15% of its administrative staff—to address the worsening conditions in the automotive sector.
The decision is part of an 18 billion Swedish kronor (about 1.89 billion euros) savings plan announced at the end of April. According to the company’s statement, the decision will @build a stronger and even more resilient Volvo Cars" during a time when the automotive industry faces significant external challenges.
The company detailed that about 1,200 jobs will be cut in Sweden, along with 1,000 consultant positions, mostly also in that country.
"The automotive industry is in the middle of a challenging period"
"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," the Swedish group's CEO, Håkan Samuelsson, said in the statement.
As of December 2024, Volvo employed approximately 42,600 full-time workers.
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