As it struggles with rising costs, a slowdown in demand for electric vehicles, and trade uncertainties, Volvo Cars stated on Monday that it will eliminate 3,000 jobs, primarily in the white-collar sector, as part of a restructuring outlined last month.
By reorganizing a portion of its operations and reducing expenses, the Swedish manufacturer hopes to boost demand for its vehicles and revive its dwindling share price.
In April, CEO Hakan Samuelsson, who was just reinstated after leading the company for ten years until 2022, announced a plan to reduce expenses by 18 billion Swedish crowns ($1.9 billion), which included a significant reduction in its white-collar employees, who comprise 40% of the workforce.
