Volvo is preparing to cut another 2,500 jobs worldwide, adding to the 3,000 layoffs previously announced. The latest round of layoffs comes as the Swedish automaker, owned by Geely, struggles with deteriorating market conditions, U.S. tariffs, and fierce competition in China.
The company announced the additional cuts alongside its third-quarter 2026 results, saying it needs further cost-saving measures to reinforce its turnaround plan. About 2,000 affected positions will be in its home market of Sweden, with the remaining 500 elsewhere.
