Car manufacturer Volvo will cut around 3,000 jobs as part of cost-saving measures.
Most of the redundancies are likely to be office-based positions in Sweden, where the company is based. This will make up around 15% of its white-collar workforce.
The company said around 1,000 of the layoffs would be positions currently filled by consultants, then 1,200 employees in Sweden and the remaining 800 from global markets.
The layoffs follow an announcement last month by its Chinese parent company Geely Holding of an £1.4 billion “action plan” to restructure the business.
Manufacturing job cuts
In a statement, chairman and CEO Håkan Samuelsson said the restructure would help to build a “stronger and even more resilient Volvo Cars”.
“The automotive industry is in the middle of a challenging period. To address this, we must improve our cash flow generation and structurally lower our costs.
“At the same time, we will continue to ensure the development of the talent we need for our ambitious future.”
Volvo is one of a number of car manufacturers reacting to the imposition of tariffs on car imports into the US. President Donald Trump recently announced a 25% tariff on all imported passenger vehicles and light trucks, as well as a number of parts.
Earlier this month, Nissan announced it would cut 15% of jobs globally.
Meanwhile, a UK-US agreement on tariffs agreed at the start of May cut car export tariffs to 10% from 27.5%, saving “thousands” of jobs in the UK car manufacturing industry.
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