Volvo's massive layoffs in China draws attention

Recently, Volvo has carried out large-scale layoffs in China, mainly in the technical research and development center in Jiading, Shanghai, involving multiple key positions. The layoff notice was suddenly issued on June 30, and the interview and termination process was basically completed on July 2. The layoff ratio depends on the department, with some departments laying off 10% and some as high as 70%.