The layoffs come days after US President Donald Trump threatened 50 percent tariffs on EU goods.
\nSwedish automaker Volvo is set to cut 3,000 white-collar jobs amid restructuring efforts as prices begin to rise due to tariff-driven uncertainty.
\nThe company announced the news on Monday. The layoffs come as the Swedish automaker tries to resurrect its rock-bottom share price and drum up better demand for its cars by restructuring part of its business and cutting costs.
\nCEO Hakan Samuelsson, who was recently brought back to the role after heading the company for a decade until 2022, unveiled a programme in April to slash costs by $1.9bn (18 billion Swedish crowns), including a substantial cut to Volvo\u2019s white-collar staff, who make up 40 percent of its workforce.
\n\u201cIt\u2019s white collar in almost all areas, including R&D, communication, human resources,\u201d as Samuelsson told the Reuters news agency.
\nThe layoffs represent around 15 percent of the company\u2019s office staff, Volvo Cars said in a statement, and would incur a one-time restructuring cost of $160m (1.5 billion crowns).
\nVolvo Cars\u2019 new CFO Fredrik Hansson told, that while all of its departments and locations would be impacted, most of the redundancies will happen in Gothenburg.
\n\u201cIt\u2019s tailored to make us structurally more efficient, and then how that plays out might vary a bit depending on the area. But no stone is left unturned,\u201d Hansson said.
\nWith most of its production based in Europe and China, Volvo Cars is more exposed to new United States tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the US.
\nThe company said in a press release that it would finalise a new structural setup by the third quarter of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The layoffs come days after US President Donald Trump threatened 50 percent tariffs on EU goods. Swedish automaker Volvo is set to cut 3,000 white-collar jobs amid restructuring efforts as prices begin to rise due to tariff-driven uncertainty. The company announced the news on Monday. The layoffs come as the Swedish automaker tries to resurrect […]<\/p>\n","protected":false},"author":2,"featured_media":50258,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10916],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=\/wp\/v2\/posts\/136218"}],"collection":[{"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=136218"}],"version-history":[{"count":1,"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=\/wp\/v2\/posts\/136218\/revisions"}],"predecessor-version":[{"id":136219,"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=\/wp\/v2\/posts\/136218\/revisions\/136219"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=\/wp\/v2\/media\/50258"}],"wp:attachment":[{"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=136218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=136218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zamanturkmenistan.com.tm\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=136218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}