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Volvo to cut 3,000 jobs amid trade uncertainty | Business and Economy

The layoffs come days after US President Donald Trump threatened 50 percent tariffs on EU goods.

Swedish automaker Volvo is set to cut 3,000 white-collar jobs amid restructuring efforts as prices begin to rise due to tariff-driven uncertainty.

The company announced the news on Monday. The layoffs come as the Swedish automaker tries to resurrect its rock-bottom share price and drum up better demand for its cars by restructuring part of its business and cutting costs.

CEO Hakan Samuelsson, who was recently brought back to the role after heading the company for a decade until 2022, unveiled a programme in April to slash costs by $1.9bn (18 billion Swedish crowns), including a substantial cut to Volvo’s white-collar staff, who make up 40 percent of its workforce.

“It’s white collar in almost all areas, including R&D [research and development], communication, human resources,” Samuelsson told the Reuters news agency.

The layoffs represent around 15 percent of the company’s office staff, Volvo Cars said in a statement, and would incur a one-time restructuring cost of $160m (1.5 billion crowns).

Volvo Cars’ new CFO Fredrik Hansson told Reuters that while all of its departments and locations would be impacted, most of the redundancies will happen in Gothenburg.

“It’s tailored to make us structurally more efficient, and then how that plays out might vary a bit depending on the area. But no stone is left unturned,” Hansson said.

With most of its production based in Europe and China, Volvo Cars is more exposed to new United States tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the US.

The company said in a press release that it would finalise a new structural setup by the third quarter of this year.

Volvo withdrew its financial guidance as it announced its cost cuts last month, pointing to unpredictable markets amid weaker consumer confidence and trade tariffs causing turmoil in the global auto industry.

The layoff announcement comes only days after US President Donald Trump threatened to impose a 50 percent tariff on imports from the European Union from June 1. On Monday, however, he backed away from that date, restoring a July 9 deadline to allow for talks between Washington and Brussels.

As a result, Volvo’s CEO said the move would make it harder for it to sell one of its electric vehicles (EVs) — the EX30 EV that is made in Belgium — in the US market.

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TRAVEL

I drove the new Volvo EX30 Cross Country – it’s a tough, high-riding EV that can conquer ice lakes and look cool at home

Feb 26, 2025 Travel Desk

DOING skids on a frozen lake with a kayak on the roof might seem like fun to you.

But this is serious work.

Volvo SUV with kayaks on roof rack driving on snowy road. — If the dinky electric Volvo EX30 Cross Country can handle proper northern winters up near the Arctic Circle, then it can handle the worst of our weather back homeCredit: Supplied

Person using the infotainment system in a car with a kayak on the roof. — For those of you who don’t know, Cross Country is Volvo-speak for added toughnessCredit: Supplied

Grey Volvo SUV driving on ice with a red kayak on the roof rack. — The EX30 Cross Country rides higher, on fatter tyres, with softer suspension, and it’s armoured with skid plates and black cladding – making short work of the iceCredit: Supplied

It really is.

If a dinky electric Volvo can handle proper northern winters up near the Arctic Circle, then surely it can handle the worst of our weather back home?

The short answer is: Yes, it can. And it will. And then some.

This is the EX30 Cross Country.

For those of you who don’t know, Cross Country is Volvo-speak for added toughness. Popeye after a tin of spinach.

The regular EX30 costs £33k. Absolute cracker. It’s Volvo goodness for Vauxhall money. The Sun’s 2023 Car of the Year.

All-wheel drive performance versions with a bigger battery start with a four.

Then you get to the one you really want, Cross Country. Also 428hp and four-wheel drive, but it rides higher, on fatter tyres, with softer suspension, and it’s armoured with skid plates and protective black cladding.

Look cooler

So you can do more things with it. Be more adventurous with it. Look cooler in it.

Which brings us back to the frozen lake.

Meet the new XC90 plug-in hybrid, an electric car with a backup plan

The kayak was my insurance policy.

But I didn’t really need it.

The ice is one-metre thick here, apparently, and every Volvo is loaded with the latest anti-crash kit.

If this car senses a driver is about to have a code brown — like too much understeer pushing the car straight on — the on-board computer kicks in to calm things down. Mostly by braking the slipping wheels and managing the power.

That doesn’t mean it is allergic to fun.

Switch off the electronic stability controls and you’ll be mastering crowd-pleasing Scandinavian flicks in no time at all.

So that’s exactly what we did. For many laps. Until the poor photographer’s eyebrows started freezing in minus 18C. A bowl of reindeer broth warmed him up.

Drive sensibly on normal roads and this car is smooth, easy, assured and composed. You’ll hardly ever touch the brakes using one-pedal mode if you’re good at anticipating traffic flow.

As for the cabin, it’s a thoroughbred Volvo. Cool, classy, lots of recycled materials — even denim — all crowned by a turbocharged Google touchscreen and a 1.2-metre wide soundbar. Over-the-air updates will keep things fresh.

Northern lights over a town at night. — I managed to glimpse the Northern Lights for the first time while in Sweden and someone up there is clearly a Phoenix Nights fan

A grey Volvo driving on a frozen lake with a red kayak on its roof rack. — Switch off the electronic stability controls and you’ll be mastering crowd-pleasing Scandinavian flicks in no time at all

Other observations. Huge door pockets, central glovebox, grippy wireless phone charging tray, removable bin in the back. All things that please.

The boot is fine for buggies and the weekly food shop. But for those weekend adventures, you’ll want to bung on a roof basket for the camping gear.

You can borrow a kayak when you get there.

KEY FACTS: VOLVO EX30CROSS COUNTRY

Price: £47,000
Battery: 65kWh
Power: 428hp
0-62mph: 3.7 secs
Top speed: 112mph
Range: 273 miles
Charging: 26 mins to 80%
Out: July

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MONEY

Labatt Breweries Places Single Largest Order of Volvo VNR Electric Trucks in Canada

Dec 10, 2024 Finance Desk

This section is

by GlobeNewswire

GlobeNewswire

Published Dec 10, 2024 • 3 minute read

Volvo Trucks North America customer Labatt Breweries of Canada has added ten Volvo VNR Electric trucks to its fleet to transport Labatt’s beer and ready-to-drink-beverage from distribution centers in Montreal and Bois-des-Filion to customers in Montreal and on the north shore of Montreal. GNW

Greensboro, N.C., Dec. 10, 2024 (GLOBE NEWSWIRE) — Volvo Trucks North America customer Labatt Breweries of Canada, one of the country’s most iconic brands and leading beverage companies, has added ten Volvo VNR Electric trucks to its fleet, marking a significant milestone in sustainable transportation. The trucks will transport Labatt’s beer and ready-to-drink-beverage portfolio from distribution centers in Montreal and Bois-des-Filion to customers in Montreal and on the north shore of Montreal.

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“We have seen increasing demand for battery-electric vehicles (BEV) in Canada, particularly in Ontario and Quebec, helping customers make progress towards their decarbonization goals by adopting BEVs,” said Matthew Blackman, managing director for Canada, Volvo Trucks North America. “We are proud to support Labatt’s leadership in sustainable transportation solutions and their commitment to minimizing their environmental impact with these zero-tailpipe emission trucks.”

Labatt’s Volvo VNR Electric trucks feature a four-battery configuration, providing a range of up to 370 km (230 miles) on a single charge. The trucks will operate on daily routes that range from 50 to 110 km. With the ability to charge up to 80% in about 60 minutes, these trucks offer operational flexibility depending on distance traveled, route optimization, and driver efficiency. The Volvo VNR Electric truck is a zero-tailpipe emission solution designed to meet the needs of fleet operators engaged in local and regional distribution, including pickup and delivery, as well as food and beverage transportation.

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Labatt’s deployment of ten Volvo VNR Electric trucks is a key part of its strategy to reduce greenhouse gas emissions. To support the transition to battery-electric vehicles, Labatt has developed onsite charging infrastructure at its distribution centers.

GSH Camions Volvo Montréal, one of the first Volvo Trucks Certified Electric Vehicle Dealers in Canada, led driver training to help Labatt’s drivers understand how to optimize the range of the Volvo VNR Electric, including how to leverage regenerative braking benefits to add power back to the battery. Drivers have expressed satisfaction with the vehicle’s quiet operation, which provides a more comfortable driving experience and reduces noise pollution in local communities during deliveries.

“Labatt is committed to innovation and sustainability, and these Volvo VNR Electric trucks represent an additional step towards our goal of achieving net-zero emissions across our operations nationwide by 2040,” said Sarah Genetti, senior director of procurement and sustainability at Labatt Breweries of Canada. “We believe in leading change and investing in technologies that create long-term value for our customers, the environment, and the communities we serve.”

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In addition to vehicle deployment, GSH Camions Montreal supported Labatt in navigating available funding opportunities to offset the initial investment in battery-electric trucks and charging infrastructure. Labatt secured funding through the federal Incentives for Medium- and Heavy-Duty Zero-Emissions Vehicles (iMHZEV) program and Quebec’s Écocamionnage program, underscoring the critical role government support plays in accelerating the transition to clean transportation.

To learn more about Volvo Trucks North America and the Volvo VNR Electric, visit the company website.

High-resolution images associated with this press release and others are available at  https://press.volvotrucks.us/.

For further information, please contact:
Kyle Zimmerman
Public Relations Manager, Volvo Trucks North America
[email protected]
(704) 677-9757

Volvo Trucks North America, headquartered in Greensboro, North Carolina, is one of the leading heavy-duty truck manufacturers in North America. Its Uptime Services commitment is delivered by a network of nearly 400 authorized dealers across North America and the 24/7 Volvo Trucks Uptime Center. Every Volvo truck is assembled in the Volvo Trucks New River Valley manufacturing facility in Dublin, Virginia, which meets the internationally recognized ISO 9001 standard for quality, 14001 standard for environmental care and holds a dual ISO 50001/Superior Energy Performance certification at the platinum level, indicating a sustained excellence in energy management. Volvo Trucks North America provides complete transport solutions for its customers, offering a full range of diesel, alternative-fuel and all-electric vehicles, and is part of the Volvo Trucks global organization.

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Volvo Trucks supplies complete transport solutions for discerning professional customers with its full range of medium- and heavy-duty trucks. Customer support is provided via a global network of dealers with 2,200 service points in about 130 countries. Volvo trucks are assembled in 12 countries across the globe. In 2023 approximately 145,000 Volvo trucks were delivered worldwide. Volvo Trucks is part of the Volvo Group, one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The group also provides complete solutions for financing and service. Volvo Trucks’ work is based on the core values of quality, safety and environmental care.

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