Volvo will lay off about 3,000 employees to reduce the company's costs

Swedish car manufacturer Volvo Cars will cut 7% of its employees to reduce costs. This was reported by Bloomberg on May 26.

The dismissal will affect 3,000 specialists, including consultants. According to the agency, the measures taken should help reduce costs in the face of declining demand. Volvo reported a 60 percent drop in operating profit in the first quarter.

In addition, the company plans to provide the regions of China and the United States with more autonomy so that they can take into account the preferences of local customers and respond quickly to them.

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Earlier, on May 13, Nissan announced the closure of seven automobile plants by 2027 and the reduction of 20,000 jobs (15% of the staff). This decision was made due to falling sales and financial difficulties. In addition, the Japanese automaker also reported a net loss of 670.9 billion yen ($4.5 billion) for the fiscal year ended in March.