Volvo Cars to cut 2,500 jobs after Q3 loss of 3.7 billion Swedish crowns
Briefing by News4U · First published
Volvo Cars will cut 2,500 jobs, mostly in Sweden, after reporting a third-quarter adjusted operating loss of 3.7 billion Swedish crowns amid weak EV demand and tariffs.
Volvo Cars will cut 2,500 jobs, mostly in Sweden, after reporting an adjusted operating loss of 3.7 billion Swedish crowns ($373 million) for the third quarter, down from a profit of 5.8 billion crowns a year earlier. [1] [2]
The company, majority-owned by China’s Geely Holding, also plans to cut an additional 5 billion crowns in indirect spend and variable costs by the end of next year. CEO Hakan Samuelsson said the third quarter was “very disappointing” and the turnaround plan needs reinforcement. [2]
Sources
- Volvo Car to Cut 2,500 Jobs as Part of Plan to Cut Costs Further
WSJ Business · · Summary only
- Volvo Cars to cut 2,500 jobs amid third quarter loss
RTÉ Business · · Full text