Reported 3 days ago
Volvo Cars plans to reduce its workforce by approximately 3,000 positions as part of a major restructuring initiative aimed at tackling high operational costs and declining electric vehicle demand. This move is expected to improve the company's financial performance and share value, with a goal to achieve cost savings of around $1.9 billion. The layoffs will account for about 15% of its office staff globally, with a focus on consultant roles in Sweden and other international positions. The restructuring is set to be completed by autumn 2025.
Source: YAHOO