Mikael Sjoberg | Bloomberg | Getty Pictures
Sweden-based automaker Volvo Automobiles on Monday stated it could minimize round 3,000 jobs as a part of a serious cost-cutting drive.
The transfer comes after the corporate, which is owned by China’s Geely Holding, introduced an 18 billion Swedish kronor ($1.89 billion) price and money motion plan late final month.
Volvo Automobiles stated the three,000 job cuts would primarily impression office-based positions in Sweden and signify round 15% of the agency’s complete office-based workforce.
“The actions introduced at present have been troublesome choices, however they’re essential steps as we construct a stronger and much more resilient Volvo Automobiles,” Håkan Samuelsson, Volvo Automobiles president and CEO, stated in an announcement.
“The automotive trade is in the course of a difficult interval. To handle this, we should enhance our money circulation era and structurally decrease our prices. On the identical time, we’ll proceed to make sure the event of the expertise we’d like for our formidable future,” Samuelsson stated.
When the motion plan was launched on April 29, Volvo Automobiles stated this system would come with reductions in investments and redundancies at its operations throughout the globe.
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