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Volvo Cars to Cut 2,500 Jobs Amid Third Quarter Loss
The automaker posted a 3.7 billion Swedish crown adjusted loss as weak demand in China and the United States hit sales.
- On Friday, October 23, 2026, Volvo Cars announced 2,500 job reductions representing around 6% of its global workforce while reporting an adjusted operating loss of 3.7 billion Swedish crowns for the third quarter.
- Weak demand in China, where deliveries fell more than 40% in the third quarter, and the United States hit sales while slow production ramp-up of the EX60 electric SUV compounded losses.
- Mirroring cost-cutting moves by Volkswagen and BMW, Volvo plans to save 5 billion kronor through these measures, building on earlier restructuring with around 3,000 job cuts as the automaker reported a 5.6 billion kronor operating loss.
- CEO Hakan Samuelsson stated the turnaround plan requires "decisive reinforcement," with plans to introduce seven new vehicles for Western markets before handing leadership to Klaus Zellmer by October 1, 2027.
- Volvo Cars' share price hit a record low this week, down 54% year-to-date, after the company scrapped full-year guidance, though Samuelsson maintains the relationship with Zhejiang Geely Holding remains a "huge advantage.
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The Swedish car manufacturer Volvo Cars has announced that it will remove 2,500 jobs. The Swedish car manufacturer Volvo Cars, controlled by the...
·Brussels, Belgium
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dagelijksestandaard.nl+2 Reposted by 2 other sources
GÖTEBORG (ANP/BLOOMBERG) - Volvo Cars plans to cut another 2,500 jobs due to deteriorating market conditions. The Swedish car manufacturer is struggling with a sharp decline in sales in China and import tariffs in the United States. In early October, the company already withdrew its expectations...
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Total News Sources48
Leaning Left2Leaning Right10Center6Last UpdatedBias Distribution56% Right
Bias Distribution
- 56% of the sources lean Right
56% Right
11%
C 33%
R 56%
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