The Chinese-owned Volvo Cars of Sweden announced on Thursday, 4 May 2023, that it will cut 1,300 office positions or about six percent of its employees in Sweden in an attempt to reduce costs.
According to AFP, CEO Jim Rowan said in a statement that cost-cutting measures taken last year had started to “bear results” but “it’s clear that we need to do more.”
“Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time,” Rowan said.
Moreover, the company said that in the upcoming months, Volvo has planned to do global cost-cutting to reduce costs and increase efficiencies in all its operations.
