Volvo Cars Plans 2,500 Job Cuts in New Cost-Saving Push

Volvo Cars plans to cut 2,500 jobs after a weak third quarter, targeting full financial benefits from cost reductions by the end of 2027 as revenue fell 22.6% and it swung to a net loss. The reductions cover about 2,000 positions in Sweden and 500 elsewhere, or roughly 6% of the workforce. The plan follows an earlier effort to eliminate 3,000 jobs and includes savings from overhead and other costs. Volvo Cars also plans to end consulting contracts, leave some departing workers’ positions unfilled and offer targeted exit packages.

Source: TokenPost