Volvo Cars says to cut 1,300 office jobs to reduce costs

Chinese-owned Volvo Cars of Sweden said that it would cut 1,300 white-collar positions in Sweden in an effort to cut costs and warned that global cost-cutting measures were to come. The office job cuts represent around six percent of its employees in Sweden.

The company said it "will reduce costs and drive efficiencies across its global operations over the coming months." In late April, the carmaker reported a drop in first-quarter profits -- despite higher sales -- and said it was "evaluating the need for further targeted cost actions."

It had reported a 10 percent increase in vehicles sold to some 162,900, and a 29 percent increase in revenue to 9.3 billion USD. The carmaker, which aims to become 100 percent electric by 2030, also said that one in five cars sold in the first quarter had been electric.