Volvo Cars to cut 2,500 jobs as third quarter swings to loss - Nikkei Asia
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STOCKHOLM (Reuters) -- Volvo Cars said on Friday it will cut 2,500 jobs, mostly in its native Sweden, as the group seeks to slash costs amid tough competition from Chinese auto makers and as tariffs and weak demand hit sales in the U.S.
STOCKHOLM (Reuters) -- Volvo Cars said on Friday it will cut 2,500 jobs, mostly in its native Sweden, as the group seeks to slash costs amid tough competition from Chinese auto makers and as tariffs and weak demand hit sales in the U.S.
The company, majority-owned by China's Geely Holding, reported an adjusted operating loss of 3.7 billion Swedish crowns ($373 million) for the third quarter, down from a profit of 5.8 billion crowns a year earlier.
Volvo said that in addition to its earlier cost reductions it will cut an additional 5 billion crowns in indirect spend and variable costs, which it expects to be realized by the end of next year.
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