Overview

• Affected roles include 1,200 positions in Sweden, around 1,000 consultancy posts mostly in Sweden and 800 roles in other markets.
• The layoffs will trigger a one-time restructuring charge of about €140 million.
• These measures form part of a €1.6 billion cost-saving plan unveiled in April to shore up earnings.
• Volvo's operating profit plunged 60% to €175 million in the first quarter, prompting CEO Håkan Samuelsson to lead deep cuts.
• The company aims to cut material, personnel and investment costs in response to higher U.S. tariffs and uneven demand for electric vehicles.