Volvo Cars cutting 3,000 jobs to reduce costs
FRANKFURT, Germany: Sweden-based Volvo Cars is eliminating 3,000 positions as part of a cost-cutting program as the automotive industry faces challenges from trade tensions and resulting economic uncertainty.
The company said Monday that around 1,200 of the job reductions would come among workers in Sweden, with another 1,000 positions currently filled by consultants, mostly in Sweden, also slated for elimination.
The rest of the job losses would be in other global markets. Most of the jobs being cut are office positions.
'The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars,' said Håkan Samuelsson, Volvo Cars president and CEO.
'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 company, owned by China's Geely, has 42,600 full-time employees.
Carmakers around the world are facing several headwinds, among them higher costs for raw materials, a diminished European car market, and U.S. President Donald Trump's imposition of 25% tariffs on imported cars and steel.
Volvo Cars has its main headquarters and product development offices in Gothenburg, Sweden, and makes cars and SUVs in Belgium, South Carolina and China.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Clean air zones set to transform Vijayawada, Vizag neighbourhoods from July
1 2 Vijayawada: Come July, select neighbourhoods in Vijayawada and Visakhapatnam could breathe easy, thanks to the phased implementation of the Clean Air Zones (CAZ) project. In a major step towards improving urban air quality, the Andhra Pradesh Pollution Control Board (APPCB) on Tuesday hosted a multi-agency workshop in Vijayawada to kick-start the phased implementation of CAZs. It brought together key officials from municipal corporations, police and transport departments of the two fast-growing cities and featured the expertise of Transport for London (TfL). Areas close to Ramesh Hospital Junction, Siddhartha College Junction in Vijayawada and King George Hospital in Visakhapatnam will benefit from the CAZ initiative and are gearing up for the implementation. "The phased approach will allow authorities to tailor solutions for these neighbourhoods to inspire more city-wide efforts, while building the foundation for broader, long-term clean air strategies across Andhra Pradesh", said P Krishnaiah, chairman, APPCB. Based on the broader vision of chief minister Chandrababu Naidu to foster healthier, future-ready urban environments, Artha India — a Mumbai-based organisation supporting governments for effective urbanisation and digitalisation implementation efforts — is leading implementation support for the project. Technical expertise for the project is coming from London and Delhi-based partners, TfL and TERI, respectively. Artha India is also expected to be onboarded as a knowledge partner to Andhra Pradesh for climate resilience and health. "A successful implementation of Clean Air Zones will improve air quality and particulate matter concentration at local hotspots. For the past two years, we have been gathering technical inputs and mapping stakeholders to support implementation of site-specific emission-reduction measures involving congestion management, streamlining public transport, last-mile connectivity, and other green initiatives", says Artha India CEO, Pritika Hingorani. The forthcoming phase of CAZ implementation will also include area improvement projects that include optimising parking arrangements and novel nature-based solutions like permeable pavements and Miyawaki forests at junctions. "We are confident that the participation and efforts of all stakeholders in implementing pollution control measures starting next month, including low-cost continuous air monitoring, will make CAZs a success. We are also exploring how to make this initiative sustainable and low-cost in the long run by involving businesses as partners in building a green and clean Vijayawada", said Dr. Swapna Kota, project manager , Sustainability and Resilience Unit, Greater Visakhapatnam Municipal Corporation.
Hindustan Times
an hour ago
- Hindustan Times
Walmart faces renewed boycott calls over owner Christy Walton's action - Here's what happened
Walmart is facing a fresh wave of backlash, not for its pricing, but for its proximity to a message that's being seen as a critique of President Donald Trump and his Make America Great Again (MAGA) rhetoric. The person at the center of the row is Christy Walton, a billionaire philanthropist and member of the family that owns America's largest retail empire. Walton's ad in The New York Times called for democratic engagement, as per Newsweek. But for some, it read like a direct shot across political lines. The message encouraged Americans to show up, speak up, and be civil in political conversations. It was released under the banner of 'No Kings Day,' a symbolic gesture for civic participation and democratic values. There was no mention of any political party. No leader was named in Walmart's advert. The ad spoke of honoring commitments to allies, protecting against dictators, and respecting trade partnerships-remarks, which many have taken as a veiled criticism of Donald Trump's "America First" foreign policy. The message ended with: "The honor, dignity and integrity of our country is not for sale. Show up, attend your town halls, be civil." The ad stated that the views expressed were 'solely those of Christy Walton." The ad didn't go unnoticed in conservative circles. Kari Lake, the Trump administration's senior adviser at the US Agency for Global Media, wasted no time in sharing her take. Taking to X (formerly Twitter), she posted a photo of the ad with a pointed question: 'Do you shop at Walmart?' According to Newsweek, she wasn't alone. Other MAGA supporters joined in, advocating for a boycott of Walmart. As of now, Walmart has made no official comment on the matter. The ad was published under Christy Walton's name, not the company's. Whether the matter will gain real traction or fizzle out remains to be seen. It encouraged Americans to attend town halls and participate in civic discourse, promoting values like commitment to allies, democratic principles, and respect for global partnerships. No, the ad didn't name Trump directly. However, its language and themes were widely interpreted as a critique of his foreign policy and "America First" approach. The ad was placed by Christy Walton, heiress to the Walmart fortune. It clearly stated that the opinions expressed were hers alone.
Hindustan Times
2 hours ago
- Hindustan Times
Trade talks with China ‘going really well', says US Commerce Secretary Howard Lutnick
US Commerce Secretary Howard Lutnick said that trade talks with China "are going really well" and hoped to wrap up the discussions by Tuesday night, but said that officials would be present in London on Wednesday if need be. American and Chinese officials are in the United Kingdom for the trade talks against the backdrop of the tariff war triggered US President Donald Trump's sweeping global levies. "I think the talks are going really, really well. We're very much spending time and effort and energy - everybody's got their head down working closely," Lutnick told reporters at Lancaster House in London. "I hope they end this evening, but if they need be, we'll be here tomorrow, but I hope they end this evening," he added. A Treasury official said that the teams, led by the US's Scott Bessent and Chinese Vice Premier He Lifeng, were still talking on Tuesday evening to finalise on technical details. The session could stretch into the night, the official also stated. Meanwhile, Lutnick's remarks about trade talks with China going well led to the US dollar gaining on Tuesday. Officials from the world's two largest economies were meeting in London to try to defuse a dispute that has gone from tariffs to restrictions over rare earths. Earlier on Monday, President Trump had also told reporters at the White House that "we are doing well with China. China's not easy". He added that he was "only getting good reports" from that day's talks. The US and China have been engaged in a trade war ever since Donald Trump announced sweeping global tariffs on multiple countries. As Washington slapped Beijing with 145 per cent tariffs on its goods, the latter was prompted to hit back with 125 per cent levies on American goods. On May 12, the two countries arrived at a 90-day deal to roll back some of the tit-for-tat tariffs they imposed on each other. However, the temporary halt did not address the wider issues that have strained the US-China ties. None of the issues starting from the illegal trade of fentanyl to the status of democratically-governed Taiwan to US's complaints about Beijing's dominant economic model were addressed.
