Volvo Cars, owned by China’s Geely Group, announced plans to cut 3,000 administrative jobs globally, about 15% of its office-based workforce, primarily in Sweden, as part of cost-cutting measures. The decision, led by CEO Hakan Samuelsson, aims to address challenges in the automotive industry and structurally reduce costs. The company targets savings of 18 billion Swedish kronor (approximately US$1.9 billion), with initial costs of 1.5 billion kronor in Q2. Volvo’s focus on battery electric vehicles (BEVs) has been hampered by high battery material costs, and sales have faced a tougher market, worsened by uncertainty over US tariffs. The company plans to shift focus toward plug-in hybrids as BEV sales, which dropped to 19% in Q1 from 21% a year earlier, have stalled.
Bursa Malaysia appoints CFO Azizan Abdul Aziz as Islamic capital market director, reinforcing focus on…
Huawei unveils FusionSolar9.0 in Malaysia, introducing AI‑powered, grid‑stabilising solar technology to boost clean energy transition…
Private markets remain resilient but face mounting pressure from higher rates, weak exits, concentrated AI…
Fomca urges government transparency on Budget 2026 cuts, warning healthcare reductions could harm patients, staff,…
PETRONAS and ENEOS renew LNG partnership, securing 10% stake in MLNG Tiga to strengthen energy…
UAE exits OPEC+, weakening spare capacity control and signaling shift toward capacity-driven competition, raising volatility…
This website uses cookies.