Significant Volvo job cuts have been announced as the Swedish vehicle manufacturer aims to reduce its costs
It said it is aiming to reduce its global workforce by around 15%, or 3,000 employees, as part of a £1.4m action plan announced last month to restructure the company and reduce operational costs.
Most of the redundancies will be office-based roles rather than manufacturing.
Håkan Samuelsson, Volvo Cars president and CEO, said: “The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars.
“The automotive industry is in the middle of a challenging period. To address this, we must improve our cash flow generation and structurally lower our costs. At the same time, we will continue to ensure the development of the talent we need for our ambitious future.”
Volvo enjoyed a strong first quarter in the UK with sales up 39% in the first three months of the year, but global sales are lagging with the company reporting that worldwide sales were down 11% in April.
