Volvo promotes restructuring plan, plans to lay off 3,000 employees
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Volvo announced it will lay off 3,000 employees, primarily affecting positions in its Swedish offices, as part of its restructuring plan. The company is facing challenges from high costs and a slowdown in electric vehicle demand, planning to cut costs by 18 billion Swedish Krona (1.9 billion USD). CEO Hakan Samuelsson stated that the automotive industry is in a difficult period and needs to improve cash flow and reduce costs. Volvo also withdrew its financial guidance, citing increased market uncertainty
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