Volvo to cut 3,000 jobs amid a slowdown in in electric car demand

The Swedish carmaker Volvo has announced there will be 3,000 job losses over the impact of fall electric vehicle sales.

Volvo’s restructuring plan will cut costs by £1.4 billion as the Swedish carmaker is dealing with high costs, trade uncertainty and electric car demand.

CEO Hakan Samuelsson said, “It’s white collar in almost all areas, including R&D, communication, human resources. So it’s everywhere, and it’s a considerable reduction,” Reuters reported.

Volvo Cars’ new CFO, Fredrik Hansson said, “I think it will be very healthy, and will save us money and give space for people to (take on) bigger responsibilities.”