Volvo Cars announces 2,500 job cuts
The Volvo logo as seen on a vehicle. /AFP
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Swedish carmaker Volvo Cars announced Friday it would cut about 2,500 jobs worldwide, saying it was facing "a very tough environment", including US tariffs and "hypercompetition" from local brands in China.
The company, owned by Chinese group Geely, reported revenues of 66.9 billion kronor ($6.7 billion) for the third quarter, down nearly 23 percent from the same period last year, and announced a savings plan leading to about 2,000 job cuts in Sweden and 500 more globally.
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