17:42 - 26.05.2025

---

May 26, Fineko/abc.az. Automaker Volvo Cars announced the layoffs "as part of a recently launched cost and cash action plan".

ABC.AZ reports, referring to company's press release, that 3,000 employees will be cut in different countries of the world, most of them in Sweden.

"The 18 billion kronor (over $1.8 billion) action plan includes the creation of a leaner, more efficient organization with a structurally lower cost base, which corresponds to the expected reduction of about 3,000 positions, including consultants, at Volvo Cars enterprises worldwide. These cuts will primarily affect positions in offices in Sweden and will account for about 15% of the total number of office staff worldwide, the report said.

"As part of the approximately 3,000 layoffs, the company will reduce about 1,000 positions currently held by consultants (most in Sweden), 1,200 employees in Sweden and those remaining in other global markets."

As the company explains, "these structural changes are necessary for Volvo Cars to implement its long-term strategy, strengthening its foundation for profitable growth".

Volvo Cars has already initiated negotiations with the trade unions.