Driving the news: Volvo Cars is slashing 3,000 jobs, or about 15% of its office workforce, as the Swedish automaker grapples with slowing EV demand and tariff pressures.
For context: The cuts are part of a massive $1.9 billion cost-reduction program announced last month, with three-quarters of layoffs hitting Sweden and the rest spread across global operations.
Why it matters: Volvo is particularly vulnerable to U.S. trade tensions because most of its production happens in Europe and China. And many foreign automakers have warned that exporting affordable models under current tariff scenarios would be close to impossible.
What we're watching: CEO Håkan Samuelsson admitted in a statement that the industry is in a "challenging period" and the company needs to "structurally lower costs" and improve cash flow. Volvo withdrew its financial guidance last month, citing unpredictable markets and weak consumer confidence.
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