Volvo Cars cutting 3,000 jobs to reduce costs

Sweden-based Volvo Cars is eliminating 3,000 positions arsenic portion of a cost-cutting programme arsenic the automotive manufacture faces challenges from commercialized tensions and economical uncertainty

Sweden-based Volvo Cars is eliminating 3,000 positions arsenic portion of a cost-cutting programme arsenic the automotive manufacture faces challenges from commercialized tensions and resulting economical uncertainty.

The institution said Monday that astir 1,200 of the occupation reductions would travel among workers successful Sweden, with different 1,000 positions presently filled by consultants, mostly successful Sweden, besides slated for elimination.

The remainder of the occupation losses would beryllium successful different planetary markets. Most of the jobs being chopped are bureau positions.

“The actions announced contiguous person been hard decisions, but they are important steps arsenic we physique a stronger and adjacent much resilient Volvo Cars,” said Håkan Samuelsson, Volvo Cars president and CEO.

“The automotive manufacture is successful the mediate of a challenging period. To code this, we indispensable amended our currency travel procreation and structurally little our costs."

The company, owned by China's Geely, has 42,600 full-time employees.

Carmakers astir the satellite are facing respective headwinds, among them higher costs for earthy materials, a diminished European car market, and U.S. President Donald Trump's imposition of 25% tariffs connected imported cars and steel.

Volvo Cars has its main office and merchandise improvement offices successful Gothenburg, Sweden, and makes cars and SUVs successful Belgium, South Carolina and China.

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