Volvo announces 3,000 job cuts worldwide

Volvo Cars announced that it would lay off about 3,000 employees worldwide as part of its 18 billion Swedish kronor cost-cutting plan. The layoffs are mainly concentrated in office positions in Sweden, involving consultants, technology, advertising and other departments. In addition, its battery company NOVO Energy has also laid off employees. Volvo's move is aimed at responding to industry challenges, including US tariff policies, financial deterioration and pressure from electrification transformation.