Sweden-based car maker Volvo Cars says it will cut around 3,000 jobs as part of its cost-cutting measures.
The firm says the layoffs will mainly impact office-based positions in Sweden, representing about 15 per cent of its white collar workforce.
Last month, Volvo Cars, which is owned by Chinese group Geely Holding, announced a US$1.9 billion “action plan” shake-up of the business.
The global motor industry is facing a number of major challenges including US President Donald Trump’s 25 per cent tariffs on imported cars, higher cost of materials and slower sales in Europe.
Earlier this month, Volvo said global sales for April fell by 11 per cent compared to the same period last year.