Volvo Cars suffers a loss and cuts jobs
The company reports a loss of 5.6 billion kronor during the third quarter. To save 5 billion, layoffs of 2,500 positions globally are planned.
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Electric vehicle media publisher
elbilen.seLast updated
In short: Elbilen reported record EV sales, automaker losses, cost cuts, and advances in affordable models and charging.
The company reports a loss of 5.6 billion kronor during the third quarter. To save 5 billion, layoffs of 2,500 positions globally are planned.
Volvo Cars announces a profit warning for 2026 due to weak demand in China and the US, despite growth in Europe. Sales fell by 10.7 percent during the third quarter.
CEO Oliver Blume announces job cuts up to 110,000 positions and plans to slash half the model lineup by 2030 to reach an eight percent profit margin.
The decision comes amid extensive cuts and protests, with up to 120,000 jobs that could disappear.
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