Reported 3 days ago
Volvo Cars, a subsidiary of Geely Automobile Holdings, plans to lay off 3,000 employees predominantly in white-collar positions as part of a restructuring strategy to manage rising costs and declining demand for electric vehicles. This move, which accounts for 15% of its office workforce, is aimed at saving $1.9 billion and will come with one-time restructuring expenses of 1.5 billion crowns. CEO Hakan Samuelsson emphasizes that the changes will not only cut costs but also allow remaining employees to assume greater responsibilities amidst challenging market conditions.
Source: YAHOO