Chinese-owned Volvo Cars to cut 3,000 jobs
Sweden-based car maker Volvo Cars says it will cut around 3,000 jobs as part of its cost-cutting measures.
The firm says the layoffs will mainly impact office-based positions in Sweden, representing about 15% of its white collar workforce.
Last month, Volvo Cars, which is owned by Chinese group Geely Holding, announced an 18 billion Swedish kronor ($1.9bn; £1.4bn) “action plan” shake-up of the business.
The global motor industry is facing a number of major challenges including US President Donald Trump’s 25% tariffs on imported cars, higher cost of materials and slower sales in Europe.
