Swedish auto giant Volvo Cars reported on Tuesday that it would be slashing 18 billion krona (€1.7bn) worth of costs, following its operating profit for the first quarter of the year falling significantly.
The company, which is owned by China’s Geely Holding, recorded an operating profit of 1.9bn krona (€0.2bn) in Q1 2025, in contrast with 4.7bn krona (€0.4bn) in the corresponding period in 2024.
