Volvo to cut 2500 jobs after "very disappointing" profit downturn

Volvo says it will cut 2,500 jobs by mid-2027 as part of a “decisive reinforcement” to its turnaround plan after a sharp profit and sales decline in the third quarter. Deliveries fell 11% and revenues dropped 23% from July to September. The company expects most cuts—about 2,000—to be in Sweden, primarily affecting temporary consultant roles, aiming to achieve reductions through “natural attrition” by not replacing departing staff, though CEO Håkan Samuelsson said additional actions can’t be ruled out. Volvo posted a 3.7 billion SEK loss (£279m) versus a Q3 2025 profit of 5.8bn SEK, blaming weak results in China and declines in the U.S., including SUV competition and reduced electrified car subsidies.