Swedish luxury carmaker Volvo Cars announced on the 31st that it will close its Stockholm office and transfer operations to its Gothenburg headquarters as part of cost-cutting and efficiency measures. Currently, 450 people work in Stockholm. Volvo, which is majority-owned by China's Geely Automobile, had last year announced plans to cut 3,000 jobs, mainly white-collar workers, amid a tough market environment due to weak demand and trade uncertainty. Volvo explained that consolidating domestic operations would reduce business complexity, accelerate cross-functional collaboration, and improve competitiveness. The Stockholm office, which was established to build expertise in software development, artificial intelligence (AI), and digital customer experience, will be closed on March 1, 2027. The specific number of employees to be cut has not been disclosed at this time.
Volvo Car AB Series BVolvo announces office closure and job cuts as part of cost-cutting, indicating financial strain.
Geely Automobile Holdings Ltd