Overview

• Volvo Cars announced it will eliminate 3,000 positions, primarily office-based roles, representing 15% of its global office workforce.
• The layoffs include 1,200 jobs in Sweden and 1,000 consultant positions, with the remainder spread across other global markets.
• The restructuring plan, launched in April 2025, aims to save $1.89 billion by reducing redundancies and slowing future investments.
• A one-time restructuring cost of up to $157 million is expected to impact the company's second-quarter earnings.
• The changes are part of Volvo's strategy to address challenges in the automotive industry, including high raw material costs, declining electric vehicle demand, and trade tariff uncertainties.