Volvo to cut 3,000 roles in global workforce reduction

The cuts will also affect about 1,000 consultant roles, the majority of which are based in Sweden.

The carmaker noted that the specific number of reductions in other regions will be determined in the coming months, but it aims to finish the structural changes before the year ends.

“The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars,” said Håkan Samuelsson, Volvo Cars President and CEO, in a statement.

‘Challenging period’ for automotive industry

The Swedish vehicle manufacturer said the cuts are part of its SEK 18-billion cost and cash action plan that will make its organisation leaner and more efficient.

It anticipates the one-time restructuring cost to reach SEK 1.5 billion.