Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    First Patient Dosed in Phase 1/2 Clinical Study of Novel EGFR/HER3 Bispecific Antibody-Drug Conjugate AVZO-1418/DB-1418

    Dodgers vs. Brewers Highlights | MLB on FOX

    Marlins vs. Reds Highlights | MLB on FOX

    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram Pinterest VKontakte
    Sg Latest NewsSg Latest News
    • Home
    • Politics
    • Business
    • Technology
    • Entertainment
    • Health
    • Sports
    Sg Latest NewsSg Latest News
    Home»Business»Volvo Cars to cut 3,000 jobs in restructuring
    Business

    Volvo Cars to cut 3,000 jobs in restructuring

    AdminBy AdminNo Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    [STOCKHOLM] Sweden’s Volvo Cars will cut 3,000 mostly white-collar jobs as part of a restructuring announced last month as it grapples with high costs, a slowdown in electric vehicle demand and trade uncertainty, it said on Monday (May 26).

    The layoffs represent around 15 per cent of the company’s office staff, with close to three-quarters of job losses expected to occur in Sweden and the rest in the company’s global operation, Volvo Cars said in a statement.

    With most of its production based in Europe and China, Volvo Cars is more exposed to new US tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the US.

    The group, which is majority-owned by China’s Geely Holding, on Apr 29 unveiled a programme to slash costs by 18 billion Swedish kronor (S$2.4 billion) and hit the brakes on investments, warning that redundancies were inevitable.

    In the first quarter, the auto maker had 43,500 full-time employees and 3,000 staffing agency personnel, according to its earnings report. White-collar staff make up more than 40 per cent of its workforce.

    “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,” CEO Hakan Samuelsson said.

    The group withdrew its financial guidance as it announced its cost cuts last month, pointing to unpredictable markets amid weaker consumer confidence and trade tariffs causing turmoil in the global auto industry.

    On Friday US President Donald Trump threatened to impose a 50 per cent tariff on imports from the European Union from Jun 1, but on Monday he backed away from that date, restoring a Jul 9 deadline to allow for talks between Washington and Brussels.

    Volvo Cars’ shares were up 3.7 per cent at 1145 GMT on Monday to 18.20 kronor, with most of the rise coming before the layoff announcement. They are still down 24 per cent year-to-date. REUTERS

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Singapore, Cambodia solidify joint efforts in energy, climate finance, agri-trade

    4 dead, 38 missing after ferry sinks on way to Indonesia’s Bali

    Thailand set for another acting PM after cabinet reshuffle

    Asia: Stocks mixed as traders shrug at US-Vietnam trade deal

    Add A Comment
    Leave A Reply Cancel Reply

    Editors Picks

    Microsoft’s Singapore office neither confirms nor denies local layoffs following global job cuts announcement

    Google reveals “material 3 expressive” design – Research Snipers

    Trump’s fast-tracked deal for a copper mine heightens existential fight for Apache

    Top Reviews
    9.1

    Review: Mi 10 Mobile with Qualcomm Snapdragon 870 Mobile Platform

    By Admin
    8.9

    Comparison of Mobile Phone Providers: 4G Connectivity & Speed

    By Admin
    8.9

    Which LED Lights for Nail Salon Safe? Comparison of Major Brands

    By Admin
    Sg Latest News
    Facebook X (Twitter) Instagram Pinterest Vimeo YouTube
    • Get In Touch
    © 2025 SglatestNews. All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.