Volvo Cars will cut around 3,000 jobs, representing about 15% of its white-collar workforce in Sweden, according to the BBC. The move is part of a $1.9 billion cost-cutting plan driven by falling sales and rising global trade pressures. Volvo CEO Håkan Samuelsson said the layoffs were difficult but necessary to strengthen the company amid industry challenges. The company reported an 11% drop in global sales for April compared to last year. Volvo scaled back its 2030 all-electric goal last year, citing issues like new tariffs on EVs in key markets. The latest cutbacks raised the company's total layoffs over the past year to about 20,000, or 15% of its workforce.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Volvo Cars will cut around 3,000 jobs, representing about 15% of its white-collar workforce in Sweden, according to the BBC.
00:09It was part of a $1.9 billion cost-cutting plan driven by falling sales and rising global trade pressures.
00:16Volvo CEO Akan Samuelson said the layouts were difficult but necessary to strengthen the company amid industry challenges.
00:23The company reported an 11% drop in global sales for April compared to the same month last year.
00:27Volvo scaled back its 2030 all-electric goal last year, citing issues like new tariffs on EVs in key markets.
00:34And its cutbacks raised the company's total layoffs over the past year to about 20,000, or 15% of its workforce.
00:40For all things money, visit Benzinga.com slash GSTV.