Volvo to Cut Down 3000 Jobs

Volvo has said that it will cut down 3000 jobs. The number represents almost 6.8% of its total current workforce. All these job cuts will be in the white collar office space. The majority of these cuts will happen at its headquarters in Gothenburg, Sweden.

Company going through a major restructuring

Volvo is going through a major restructuring. It is doing this restructuring to deal with the challenges of high operational costs, slowdown in demand for Electric Vehicles and global trade uncertainty.

Talking about the job cuts, Volvo CEO, Hakan Samuelsson said, “It’s white collar in almost all areas, including R&D, communication and human resources. So it is everywhere, and it is a considerable reduction.”

Volvo aiming for reducing costs by $1.9 billion

Through the ongoing restructuring, Volvo is aiming for reduction in costs by $1.9 billion. Volvo employs 44,000 people globally. 29,000 of these or 65.9% are based in Europe.

Volvo’s stock price closed yesterday, 26^th May, 2025, up by 2.11%, at 270.60 Swedish Krona (SEK).

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Source: Volvo