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Volvo Carvo Cars Summed by Sweden on Monday to cut 3,000 jobs, or about 15 percent of $ 1.9 billion marketing plans at $ 19 billion
The carmaker, owned by China Geely, said cuts aimed at a stronger and more solid cars in Volvo in the outer challenges in its outer surroundings “.
In 3,000 jobs to cut, about 1,200 in Sweden, as well as 1,000 Nordic country-based consultants, Volvo cars say.
“The automotive industry is in the middle of a challenging time. To answer this, we need to improve our cash flow generation and structure that is reduced our costs,” the main executive of the Hakansson company said in a statement.
Notification of the Cost Cutting Plan, he said Volvo cars should be aligned with a “Greater Regionalitorial World”, which refers to the trade battle between China and the United States.
The Swedish group is to cope with higher tariffs of cars made outside the United States, subject to 25-percent tariff since early April.
Volvo’s cars informed the early April that it would increase in creating it in the United States and may make an additional model there.
It also carried out a new line of production in its factory in Ghent, Belgium in late April, dedicated to small electric SUV EX30.
As a result of job cuts announced on Monday, Volvo cars have been told to have a one-time change in value with 1.5 billion Kronor ($ 158 million), booked in the second quarter report.
By the end of December 2024, Volvo cars have about 42,600 full-time employees.
This story originally shown Fortune.com
