The company has laid out clear strategic ambitions for the future, including increasing its growth and becoming 100 per cent electric by 2030, while constantly reducing its overall CO2 footprint.
To ensure the company delivers on those ambitions, it will take the next step in securing a more efficient and sustainable cost base for the future.
It will also restructure and change ways of working in certain parts of the organisation and accelerate its efforts to drive efficiency, while at the same time ensuring the company has all the relevant skills it needs to be successful in next-generation mobility.
As a result, the company today announces it estimates it will reduce around 1,300 positions for office-based employees* from its operations in
Around 1,100 positions for employees will be reduced at its main global operating unit (
The remaining 200 positions will be identified following a review throughout our legal entities across
In addition, the company will reduce costs and drive efficiencies across its global operations over the coming months. It will also review and reduce the number of consultants and bought services.
The exact nature and specific number of job reductions will be determined over the coming period, once the optimal structural set-up has been determined and a review of all entities has been carried out. The reductions will comply with relevant local requirements.
Production line jobs** at the company's manufacturing operations will not be affected at this stage.
"The cost actions we initiated last year have started to bear results in some key areas, such as material costs," said
"The industry is also transforming quickly - on electrification, software and core computing technologies, as well as direct customer engagement,"
Given the likely long-term nature of the headwinds the automotive industry is currently facing, the accelerated cost and efficiency actions are designed to position
Notes to editors
* Also commonly known as white-collar positions
** Also commonly known as blue-collar positions
For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
media@volvocars.com
Volvo Cars Investor Relations
+46 31-793 94 00
investors@volvocars.com
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