Mass Layoffs Coming! THIS Company To Sack 3,000 Employees Due To… — It's Not TCS, Google Or Microsoft

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New Delhi: Volvo Cars AB, the well-known Swedish automaker, has announced plans to cut around 3,000 jobs globally as part of a broader cost-cutting strategy. The move, revealed on Monday will impact about 7 per cent of its total workforce. This includes 1,000 consultants. With around 43,800 employees worldwide and more than half based in Sweden.

Volvo announced that about 1,200 jobs will be cut in Sweden. Meanwhile, the rest of the reductions will happen across various global markets. Most of the affected roles are office-based. Volvo Cars CEO Håkan Samuelsson admitted that while the decision was tough, it was necessary to keep the company on the right track.

Volvo Cars said the exact number of job cuts in other countries will be decided after a full review of its organisation. The company aims to complete all these changes by autumn 2025.

Volvo Cars is taking major steps to navigate tough times in the auto industry, with a focus on cutting costs and improving cash flow. “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,” said Håkan Samuelsson, President and CEO of the company.

Volvo Cars, owned by China’s Geely Holding, saw a steep drop in its earnings for the first quarter of 2025, with operating profit falling to 1.9 billion Swedish kronor from 4.7 billion kronor a year earlier. The company has also announced that it will no longer provide financial forecasts for 2025 and 2026. Volvo Cars is a Swedish multinational known for manufacturing luxury vehicles.