Volvo reduces thousands of jobs in the “action and cash plan”

Volvo at the luxury auto industry company reduces 3000 jobs, representing about 15 % of the workforce in the company’s office.

The most affected advertisement on Monday says the most affected positions in Sweden. The job cuts are mostly white collar parts are part of the “recently launched cost and cash work plan”, according to a media statement.

Workers’ layoff comes as Swedish auto industry company She tries to revive the price of her delusional stock and requested the request better on its cars by restructuring part of its business and reducing its costs.

“The auto industry is in the middle of a difficult period.” “To address this, we must improve the generation of our cash flows and reduce our costs in terms of structurally. At the same time, we will continue to ensure the development of the talent we need for our ambitious future.”

The drink company that sells Guinness and Johnny Walker sees a profit of $ 150 million in customs tariffs

With most of its production in Europe and China, Volvo Cars is exposed to the new American definitions more than many of its European competitors

Friday, President Donald Trump He threatened to impose a 50 % tariff on imports from the European Union as of June 1, but on Monday he fell on that date, and to restore a deadline on July 9 to allow talks between Washington and Brussels.

Toyota sees a profit of $ 1.3 billion from the Trump tariff in two months

Volvo cars Reuters reached that stocks rose by 3.6 % by Monday, as most of the height came before the announcement of workers. They still decreased by 24 % on an annual basis.

Click here to read more on Fox Business

In 2024, Volvo had more than 44,000 employees worldwide, according to Reuters. Nearly 20,000 white collars workers. The auto company expects to bear the cost of a single restructuring of 1.5 billion crowns.

Reuters contributed to this report.