Volvo, the Swedish carmaker, has announced a major workforce reduction of 3,000 jobs as part of a restructuring strategy aimed at saving £1.4 billion. The decision comes in response to declining electric vehicle sales, heightened costs, and trade uncertainties affecting the automotive industry. CEO Hakan Samuelsson confirmed that the cuts will impact almost all areas of the company, mainly white-collar positions, as Volvo seeks to streamline operations. CFO Fredrik Hansson expressed confidence this strategy would not only reduce costs but also empower remaining employees with greater responsibilities.
CEO Hakan Samuelsson stated that the job losses, affecting various white-collar sectors, represent a significant reduction as Volvo addresses challenges in electric vehicle sales.
CFO Fredrik Hansson expressed optimism about the restructuring plan, asserting it will save the company money and allow employees to take on larger responsibilities.
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