Volvo Cars has experienced a drastic downturn in its financial performance, reporting an 11.7% drop in revenue and a 72% decline in operating income for the first quarter. In response, the company is implementing a $1.87 billion cost-cutting plan involving layoffs and reduced investments. Volvo has also retracted its financial projections for the next two years amid growing uncertainties in sales and market conditions. CEO Håkan Samuelsson acknowledged the industry's unprecedented challenges, highlighting the need for restructuring and resilience in operations, especially within the newly defined Americas sales region.
The automotive industry is in the middle of a very difficult period with challenges not seen before,” said Håkan Samuelsson, CEO of Volvo Cars.
Volvo is kicking off massive cost-cutting efforts totaling $1.87 billion (SEK 18 billion) including layoffs and a larger decrease in investment than originally planned.
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