Volvo has announced plans to cut around 3,000 jobs globally as part of restructuring efforts in the face of high costs, a slowdown in electric vehicle demand and trade uncertainty.
“The action plan aims to build a stronger and even more resilient Volvo Cars at a time when the automotive industry is facing considerable challenges in its external environment. The SEK18 billion (about RM8 billion) action plan includes the creation of a leaner, more efficient organisation with a structurally lower cost base, which corresponds to an estimated reduction of around 3,000 positions, including consultants, at Volvo Cars’ operations around the globe,” the company said in its release.
Most of the job cuts will affect office-based positions in Sweden and will represent around 15% of the company’s total office-based workforce globally. Volvo said the estimated reduction in its Swedish operations will involve around 1,200 employee-held positions.
This figure makes up part of the approximately 3,000 redundancies planned, with the remainder being around 1,000 positions currently filled by consultants (most in Sweden) as well as in other global markets.
The company anticipates it will incur a one-time restructuring cost of up to SEK1.5 billion (RM665 million). This will affect its financial results for the second quarter of 2025, with the effects realised from the fourth quarter of 2025 and into 2026. These job cuts come following another announced in April this year involving workers at the company’s facilities in the United States.
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got very much cheaper electric car brands from Chinaaaa
Meh Europeans are overpaid. Better to use better china workers.
Geely is facing problem not only with this Volvo but also Lotus.
Soon.
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Proton.
The common denominator having problem is… Geely
EV & PHEV will bring Volvo to holland
It’s about time to utilise Boston Dynamics or Unitree AI bots as replacement of factory labourers
China affecting all players in the field. Buckle up or get steamed rolled by them.