US EditionNews24 Business | Business brief | Novus' Mustek takeover bid gets legal win; Volvo slashes costs amid slump
- Volvo Cars, a Swedish automaker owned by China's Geely, announced an 18 billion krona cost-cutting plan on April 29, 2025, amid a global slump.
- The plan follows a 12 percent revenue decline and a steep drop in operating profit in Q1 2025 caused by planned inventory reduction and industry-wide challenges.
- The cost and cash action plan includes layoffs, investment cuts, and a strategic focus on optimizing US production to boost growth in key markets.
- Volvo reported Q1 revenue of 82.9 billion krona, operating income of 1.9 billion krona, and CEO Håkan Samuelsson said, "The automotive industry is in the middle of a very difficult period."
- Volvo withdrew its financial outlook for 2025 and 2026 due to volatile market, tariff pressures, and aims to strengthen profitability through its accelerated cost plan.
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Volvo Cars to slash costs worth billions following weaker performance
Link URL: https://www.euronews.com/business/2025/04/29/volvo-cars-to-slash-costs-worth-billions-following-weaker-performance Comments URL: https://tildes.net/~transport/1nos/volvo_cars_cited_a_planned_inventory_reduction_as_well_as_wider_global_auto_industry_turbulence_as Votes: 6 Comments: 1
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