Swedish automaker Volvo has announced plans to cut an additional 2,500 jobs worldwide. The decision follows an earlier announcement to eliminate 3,000 positions and forms part of a cost-cutting programme amid deteriorating market conditions, US tariffs and intensifying competition in China.<\/p>\n
The company announced the additional measures alongside its third-quarter 2026 financial results. According to management, further cost reductions are necessary to support the business recovery plan and improve profitability.<\/p>\n
Approximately 2,000 jobs are expected to be cut in Sweden, where Volvo is headquartered, with another 500 reductions planned in other countries. The company intends to implement the programme by terminating consultant contracts, relying on natural staff attrition and offering targeted compensation packages to employees who agree to leave.<\/p>\n
Volvo estimates that the full financial impact of the new measures will become apparent by the end of 2027. The additional cuts will affect approximately 6% of the company\u2019s workforce.<\/p>\n
Volvo cites deteriorating business conditions in China and the United States as major factors behind its difficulties. In the Chinese market, the automaker\u2019s revenue fell by nearly 50% year-on-year. Local manufacturers are intensifying competition and putting pressure on prices, making it more difficult for foreign brands to operate.<\/p>\n
In the United States, the company\u2019s profitability is being negatively affected by import tariffs and the removal of consumer incentives for vehicles with electrified powertrains.<\/p>\n","protected":false},"featured_media":152356,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-152355","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/152355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/152356"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=152355"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=152355"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=152355"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=152355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}