Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
Volvo Launches US$1.87B Cost Reduction Plan, Withdraws 2025/ 2026 Financial Guidance
Recommend 7 Positive 11 Negative 5 |
||||
|
||||
|
Volvo, a subsidiary of GEELY AUTO (00175.HK)'s parent company, launched a SEK18 billion (about US$1.87 billion) cost-cutting program to cope with weak demand and the impact of trade tensions on the auto industry. Volvo added the cost-cutting program will result in layoffs and withdrew its 2025/ 2026 financial guidance. US President Donald Trump's tariff policy caused significant disruption to a global company, which will continue to export a large number of vehicles from Europe to the US in the future due to the need to increase production capacity in the US and cut expenses as a result of the tariffs, Chief Executive Officer Hakan Samuelsson said. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
