Sweden-based automaker Volvo Cars on Monday said it would cut around 3,000 jobs as part of a major cost-cutting drive.
The move comes after the company, which is owned by China’s Geely Holding, announced an 18 billion Swedish kronor ($1.89 billion) cost and cash action plan late last month.
Volvo Cars said the 3,000 job cuts would primarily impact office-based positions in Sweden and represent around 15% of the firm’s total office-based workforce.
“The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars,” Håkan Samuelsson, Volvo Cars president and CEO, said in a statement.
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