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Geely Holding's Volvo Cars Announces 3,000 Job Cuts
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Volvo Cars, a subsidiary of Geely Holding, the parent company of GEELY AUTO (00175.HK), announced that it would sack 3,000 employees, primarily office staff, as part of a restructuring plan to address high costs, slowing demand for electric vehicles, and trade uncertainties. Last month, Volvo Cars had announced a plan to cut costs by SEK18 billion (approximately USD1.9 billion), which included massive reductions in office staff, who made up 40% of the total workforce. Volvo Cars stated that this layoff will account for about 15% of office staff, mainly concentrated in Gothenburg, Sweden, affecting almost all departments such as R&D, communications, and human resources, and will incur a one-time restructuring cost of SEK1.5 billion. AASTOCKS Financial News Website: www.aastocks.com |
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