Volvo Cars (VOLCARb.ST) announced Thursday that it would lay off 1,300 Swedish office workers as it cuts costs.
In a statement, Chief Executive Jim Rowan said the group’s efficiency effort showed benefits but required more.
“Economic headwinds, increased raw material prices, and increased competition will likely continue to challenge our industry,” Rowan added.
The corporation said Volvo Personvagnar, Volvo Cars’ major worldwide operational arm, will lose 1,100 jobs, while the remaining 200 will be determined after a study of the company’s companies in Sweden.
