Car manufacturer Volvo Cars has announced that it will cut around 3000 jobs, totaling 15% of Volvo’s office-based workforce.
Volvo has stated that the job cuts would mostly affect office-based positions across the country as part of large-scale cost-cutting efforts.
Speaking in a statement, Håkan Samuelsson, Volvo Cars president and CEO, explains, “The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars.”
“The automotive industry is in the middle of a challenging period. To address this, we must improve our cash flow generation and structurally lower our costs. At the same time, we will continue to ensure the development of the talent we need for our ambitious future,” continued Samuelsson.
In April, Volvo Cars announced an 18 Billion Swedish Kronor cost and cash action plan.