Volvo Cars plans 2,500 more job cuts after quarterly loss
Volvo plans about 2,000 cuts in Sweden and 500 elsewhere, on top of roughly 3,000 included in its earlier savings programme.
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Volvo plans about 2,000 cuts in Sweden and 500 elsewhere, on top of roughly 3,000 included in its earlier savings programme.
Volvo Cars announced on October 23 that it plans to cut about 2,500 more jobs worldwide under an additional five-billion-kronor (€450 million) savings programme, after reporting a third-quarter loss, according to Euronews.
The Sweden-based carmaker, majority-owned by Chinese group Geely, announced an 18-billion-kronor cost-cutting plan in 2025 that included around 3,000 job cuts worldwide. The new savings programme and workforce reductions are additional to that earlier plan.
| Measure | Third quarter 2026 | Comparison with a year earlier |
|---|---|---|
| Revenue | 66.9 billion kronor | Down nearly 23% |
| Net result | 5.7 billion kronor loss | 4.5 billion kronor profit |
Volvo linked the quarterly loss to US tariffs and strong competition from local car brands in China. The company also said the removal of US consumer incentives for fully electric cars and plug-in hybrids under President Donald Trump had hurt its profit margins. Plug-in hybrids combine a fuel engine with a battery that can be charged externally.
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The new measures would cut about 2,000 jobs in Sweden and 500 elsewhere. Volvo said it would end consultant contracts, leave some positions unfilled as people depart and offer targeted exit packages to employees.
Chief executive Håkan Samuelsson said weak sales volumes required additional action to improve cash flows and lower Volvo’s break-even point—the level of sales needed to cover its costs.
Volvo expects the new measures to deliver their full financial effects by the end of 2027.
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