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Independent Singapore
27-05-2025
- Automotive
- Independent Singapore
Volvo slashes 3,000 jobs amid industry turmoil and mounting global uncertainty
STOCKHOLM: Volvo Cars is slashing 3,000 white-collar jobs in a comprehensive reorganization effort aimed at cutting costs and resuscitating its stressed share price, the Swedish automaker announced on Monday, according to a recent Reuters report. Confronted with escalating business expenditures, lukewarm demand for electric vehicles, and imminent trade uncertainties, particularly in the United States, Volvo states that the job cuts are part of a broader strategy to modernize its international operations. The firm, renowned for its Scandinavian design and safety-first manufacturing, aims to save 18 billion Swedish crowns (approximately S$1.9 billion). CEO Hakan Samuelsson, who had been absent for two years and is now back at the helm, first announced the cost-cutting policy in April. 'This is a significant reduction across almost all white-collar departments—R&D, communications, HR—you name it,' Samuelsson said. 'It will be healthy for the company in the long run. It gives people the opportunity to take on broader responsibilities.' The dismissals will touch approximately 15% of Volvo's office-based personnel and will sustain a one-time reorganization cost of 1.5 billion crowns. While all divisions and international sites will be affected, CFO Fredrik Hansson noted that Gothenburg, the car manufacturer's headquarters and control center, will experience the largest number of job cuts. 'We're looking at structural efficiency across the board. No stone is left unturned,' Hansson said. Volvo's problems are intensified by its exposure to global trade pressures, mainly the tariffs that the U.S. will impose, where the firm worries that it may no longer be able to viably distribute its lower-cost models. With many of its manufacturing positioned in Europe and China, Volvo could be hit harder than some of its European counterparts if trade barricades escalate. The firm aims to conclude a new business structure by autumn. Notwithstanding Monday's ugly update, Volvo shares increased 3.6% by early afternoon GMT, although predictors noted that most of the increase came earlier than the downsizing statement. Handelsbanken expert Hampus Engellau said the scale of the reductions met market outlooks and indicated a positive move to future-proof the business. Volvo just extracted its financial direction amid explosive market environments, citing weaker buyer confidence and erratic tariff moves. Last week, U.S. President Donald Trump warned that impose a 50% tariff on EU car imports beginning Jun 1, before deferring the time limit to Jul 9 to permit additional consultations with Brussels. As worldwide burdens intensify, Volvo's management is confident that lean operations structure and a closer focus on efficiency will direct the car manufacturer through tempestuous times.
The Sun
27-05-2025
- Automotive
- The Sun
Major car brand ‘facing challenging period' to axe 3,000 jobs in huge restructure to cut costs
A MAJOR car brand is facing a "challenging period," with a huge restructuring plan set to axe 3,000 jobs in a bid to cut costs. The popular car manufacturer blamed rising costs, slowing demand for electric vehicles, and uncertainty over trade tariffs for its decision to cut jobs. 1 Volvo revealed that most of the job cuts will affect office-based staff in Sweden, which is around 15 per cent of its global office workforce. The cuts will affect about 1,200 employees and 1,000 consultants, the automaker said. CEO Håkan Samuelsson said the cuts would help improve the automaker's cash flow and reduce overall costs. He added: "It's white collar in almost all areas, including R&D, communication, human resources. "So it's everywhere, and it's a considerable reduction." Fredrik Hansson, Volvo's new CFO, said that despite thousands of job cuts, the move would make the company 'structurally more efficient.' Volvo's restructuring will cost an eye-watering £103million, which will impact its second-quarter results. The popular car brand is introducing these sweeping cuts following reports of a 60 per cent dip in their first-quarter operating income. Falling sales and revenues add pressure The announcement follows a turbulent few months for Volvo, based in Gothenburg, Sweden. Global deliveries slumped by 6 per cent in the first quarter of 2025 compared to last year, causing revenue to drop by 11.7 per cent, from £7.3bn to £6.4bn, according to Autocar. Meet the new XC90 plug-in hybrid, an electric car with a backup plan The automaker is facing what it describes as 'challenges not seen before' in the automotive sector, with rising costs, supply chain disruptions, and cooling demand weighing heavily on performance. Former CEO Håkan Samuelsson, recently reinstated after Jim Rowan's exit, is leading the shake-up. Samuelsson warned: "The automotive industry is in the middle of a very difficult period with challenges not seen before. "We must get better at delivering results." Investment cuts and uncertain forecasts Volvo also revealed it is scaling back investments further, following a big drop in earnings before interest and tax, plunging from £370m to £120m year-on-year. The company will stop providing financial forecasts for 2025 and 2026, saying market conditions remain too uncertain. The cost-saving strategy includes a shift toward regionalised operations. Volvo recently launched an updated S90 saloon exclusively for China and started building the EX30 electric crossover at its Ghent plant in Belgium, previously made only in China. It also plans to sharpen its model range in the US and optimise production at its Spartanburg facility in South Carolina. Samuelsson added: "While our strategy is clear, we must adapt quickly to survive. "Our focus now is profitability, electrification and regionalisation. Volvo's announcement follows a growing trend of major job cuts across the global automotive industry as companies brace for a tough market environment. Audi also revealed plans to axe 7,500 jobs as part of a huge cost-saving drive. The Volkswagen-owned manufacturer announced the cuts would be carried out at its German sites by 2029, aiming to save around €1 billion (£842.5 million) annually in the medium term. The job cuts at Audi represent about 8.6 per cent of the brand's global workforce. Audi said in a statement: 'The economic conditions are becoming increasingly tougher, competitive pressure and political uncertainties are presenting the company with immense challenges.' The carmaker, headquartered in Ingolstadt, said the reductions would mostly affect areas such as administration and development. Audi stressed that the cuts would be implemented in a "socially responsible" manner, avoiding compulsory redundancies. Instead, roles will be reduced through natural attrition — meaning workers will not be replaced when they retire or leave the company. Despite the cuts, Audi is investing heavily in its German operations, pledging €8 billion (£6.7 billion) over the next four years. Part of the investment will go towards producing a new entry-level electric model at its Ingolstadt plant, with further developments considered for its second German site in Neckarsulm. Audi's chairman Gernot Döllner said: 'We are setting Ingolstadt and Neckarsulm up to be robust and flexible for the challenging transition to electric mobility. Audi must become faster, more agile, and more efficient. One thing is clear: this cannot be done without personnel adjustments. Meanwhile, Audi's parent company Volkswagen announced back in December that it would cut 35,000 jobs at its VW brand sites across Germany by 2030. The job reductions are part of the 'Future Volkswagen' agreement, hammered out with union representatives to help slash labour costs by €1.5 billion (£1.25 billion) per year. Volkswagen emphasised that the job cuts would not involve any plant closures and would also be implemented 'socially responsibly'. Volkswagen's plan also includes a significant capacity reduction, aiming to lower production volumes by around 734,000 units across its German manufacturing network.
Business Insider
26-05-2025
- Automotive
- Business Insider
Volvo (VLVLY) Plans to Cut 3,000 Jobs
Automaker Volvo (VLVLY) is cutting 3,000 mostly white-collar jobs in order to lower costs and respond to slowing electric vehicle demand, rising expenses, and trade uncertainty. The move is part of a broader restructuring plan that was announced last month. CEO Hakan Samuelsson, who recently returned to lead the company, launched a program in April to cut 18 billion Swedish crowns, or $1.9 billion, in costs. This includes major reductions in office staff, which make up 40% of Volvo's workforce. Confident Investing Starts Here: The job cuts will impact nearly all departments, such as R&D, communications, and HR, with most layoffs happening at Volvo's Gothenburg headquarters. CFO Fredrik Hansson explained that while every area will be affected, the goal is to make the company more efficient. Volvo said that this restructuring will affect about 15% of its office employees and result in a one-time cost of 1.5 billion crowns. Nevertheless, the company aims to have the new structure finalized by this fall. It is worth noting that Volvo is also facing pressure from global trade issues. Since much of its production is in Europe and China, it is more exposed to U.S. tariffs than some competitors. As a result, the company warned that it may not be able to export its more affordable cars to the U.S. if new tariffs are imposed. In addition, Volvo recently pulled its financial guidance due to weak consumer confidence and shifting trade policies. While President Trump threatened 50% tariffs on EU imports starting June 1, he later delayed the decision to July 9 in order to allow for more talks. Is VLVLY Stock a Good Buy? Using TipRanks' technical analysis tool, the indicators seem to point to a neutral outlook. Indeed, the summary section pictured below shows that nine indicators are Bullish, compared to five Neutral and eight Bearish indicators.
Al Jazeera
26-05-2025
- Automotive
- Al Jazeera
Volvo to cut 3,000 jobs amid trade uncertainty
Swedish automaker Volvo is set to cut 3,000 white-collar jobs amid restructuring efforts as prices begin to rise due to tariff-driven uncertainty. The company announced the news on Monday. The layoffs come as the Swedish automaker tries to resurrect its rock-bottom share price and drum up better demand for its cars by restructuring part of its business and cutting costs. CEO Hakan Samuelsson, who was recently brought back to the role after heading the company for a decade until 2022, unveiled a programme in April to slash costs by $1.9bn (18 billion Swedish crowns), including a substantial cut to Volvo's white-collar staff, who make up 40 percent of its workforce. 'It's white collar in almost all areas, including R&D [research and development], communication, human resources,' Samuelsson told the Reuters news agency. The layoffs represent around 15 percent of the company's office staff, Volvo Cars said in a statement, and would incur a one-time restructuring cost of $160m (1.5 billion crowns). Volvo Cars' new CFO Fredrik Hansson told Reuters that while all of its departments and locations would be impacted, most of the redundancies will happen in Gothenburg. 'It's tailored to make us structurally more efficient, and then how that plays out might vary a bit depending on the area. But no stone is left unturned,' Hansson said. With most of its production based in Europe and China, Volvo Cars is more exposed to new United States tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the US. The company said in a press release that it would finalise a new structural setup by the third quarter of this year. Volvo 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. The layoff announcement comes only days after US President Donald Trump threatened to impose a 50 percent tariff on imports from the European Union from June 1. On Monday, however, he backed away from that date, restoring a July 9 deadline to allow for talks between Washington and Brussels. As a result, Volvo's CEO said the move would make it harder for it to sell one of its electric vehicles (EVs) — the EX30 EV that is made in Belgium — in the US market.
Yahoo
26-04-2025
- Business
- Yahoo
CFOs On the Move: Week ending April 25
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. Fredrik Hansson | Volvo Swedish automotive manufacturer Volvo has named Fredrik Hansson its new CFO, effective immediately. He was previously deputy CFO and succeeds Johan Ekdahl, who is leaving the company. Before becoming deputy CFO in 2023, Hansson served as head of global controlling and performance steering. His promotion comes just weeks after company alum Hakan Samuelsson returned to the company as CEO following a 2022 departure from the top executive role. Jon Monson | Boston Scientific Boston Scientific has promoted Jon Monson to CFO following the retirement of Dan Brennan, who has spent nearly 30 years at the company, including over a decade as CFO. Monson, currently senior vice president of investor relations, will become CFO on June 30. Brennan will remain in the role through the end of June to support the transition. Ravi Jani | Real Brokerage Real estate technology platform Real Brokerage has promoted Ravi Jani to CFO, effective immediately. He replaces Michelle Ressler, who had held the role since July 2020. Jani joined Real in September 2023 as vice president of investor relations and FP&A. He previously served in a similar role at BLADE and brings a background in institutional investment analysis. Jaimie Lowe | Rich Products Global food manufacturer Rich Products has hired Jaimie Lowe as CFO and executive vice president. She succeeds David Faturos, who spent more than 30 years at the company. The company confirmed to Faturos will take on the role of chief accounting officer. Lowe most recently served as senior vice president of corporate finance, FP&A, investor relations, treasury and risk at Tyson Foods. She also held divisional CFO roles at Danone and Unilever. Fei 'John' Han | Defi Development Corporation Defi Development Corporation, formerly Janover, has named Fei 'John' Han as CFO as part of its rebranding under new ownership by former Kraken crypto exchange executives. Han was previously CFO at blockchain company Provable, vice president of FP&A at Binance, and held strategic finance roles at Kraken, working closely with the firm's new majority shareholders. His appointment supports the company's pivot toward integrating blockchain and decentralized finance into real estate technology. Anuj Dhruv | Weatherford Weatherford, a provider of oil and gas equipment and services, has named Anuj Dhruv as CFO. He replaces Arun Mitra, who served for just over two years. Dhruv most recently led finance and strategy for global olefins, polyolefins and refining. His previous roles include vice president and treasurer, and assistant treasurer of corporate finance. Dominic Hunter | Smith-Midland Smith-Midland, a manufacturer of precast concrete systems, has appointed Dominic Hunter as CFO. Hunter previously served as a vice president at government contractor SRA International and led financial growth at O'Gara-Hess & Eisenhardt, a defense manufacturer known for producing armored vehicles for U.S. presidents and federal agencies. Karim Sadik-Khan | Spindrift Karim Sadik-Khan is now the new CFO of beverage producer Spindrift, according to a LinkedIn post by Sadik-Khan. His appointment at Spindrift is not confirmed by the company. Spindrift's current CFO is Scott Chandler, who served in the role for nearly a decade. Sadik-Khan most recently worked at beverage maker Liquid Death, which confirmed his departure to He joined Liquid Death in June 2024 and previously held multiple financial leadership roles at Beam Suntory. Earlier in his career, he oversaw marketing finance at PepsiCo and the former Dr Pepper Snapple Group. Recommended Reading Imagine There's No Excel Sign in to access your portfolio
