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Volvo to eliminate 2,500 jobs after Q3 losses
Volvo Cars announced that it will cut 2,500 jobs, most of them in Sweden, as part of its efforts to reduce costs amid declining demand for its vehicles, especially in the U.S. market, and the impact of tariffs. The company is facing an adjusted operating loss of 3.7 billion Swedish kronor (around $373 million) in the third quarter, compared to a profit of 5.8 billion kronor in the same period last year. The company's plan focuses on reducing overhead and variable costs by an additional 5 billion kronor, with an expectation to achieve this by the end of next year. These measures come amid challenges such as declining demand for electric cars, decreasing revenues in China, and worsening market outlook, with the company reporting losses and approximately a 50% drop in revenue in the third quarter.
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