Volvo Cars' future
CEO confirms: Staff to be laid off in Gothenburg
Volvo Cars plans to reduce its workforce as part of a larger cost-cutting package. The focus is on the office organization, according to CEO Håkan Samuelsson.
– I don't have a number, but Gothenburg is the place where we have the most white-collar workers, he tells GP.
The company reported significantly weaker results than expected for the first quarter of the year and is now launching a cost-saving program of SEK 18 billion.
CEO confirms: Staff to be laid off in Gothenburg
Volvo Cars plans to reduce its workforce as part of a larger cost-cutting package. The focus is on the office organization, according to CEO Håkan Samuelsson.
– I don't have a number, but Gothenburg is the place where we have the most white-collar workers, he tells GP.
The company reported significantly weaker results than expected for the first quarter of the year and is now launching a cost-saving program of SEK 18 billion.
Staff to be laid off – Volvo Cars to save SEK 18 billion
Volvo Cars is launching a cost-saving program of SEK 18 billion, according to the quarterly report released on Tuesday morning.
"As part of the action plan, there will be layoffs in our operations around the world, but we will come back with more details as soon as possible," writes CEO Håkan Samuelsson.
The prevailing market turbulence left its mark on Volvo's income statement in the first quarter, where operating profit plunged by 60 percent. Samuelsson notes that the car company "must get better at delivering results," which will be done, among other things, by lowering fixed costs.
Volvo Cars is launching a cost-saving program of SEK 18 billion, according to the quarterly report released on Tuesday morning.
"As part of the action plan, there will be layoffs in our operations around the world, but we will come back with more details as soon as possible," writes CEO Håkan Samuelsson.
The prevailing market turbulence left its mark on Volvo's income statement in the first quarter, where operating profit plunged by 60 percent. Samuelsson notes that the car company "must get better at delivering results," which will be done, among other things, by lowering fixed costs.
Tariff crisis Trump's tariff policy
Lowest consumer confidence in the US since the pandemic
The US household confidence indicator fell to 86.0 in April compared to 92.9 in March, according to the Conference Board's monthly survey. This is reported by the AP.
The expectation was 87.5 according to the Trading Economics consensus estimate.
- Consumer confidence fell for the fifth consecutive month in April and reached levels not seen since the beginning of the pandemic, comments Stephanie Guichard, economist at the Conference Board.
The organization states that tariffs are mentioned a record number of times in the free text responses.
Otherwise, the high volatility on the stock market was behind the loss of confidence, according to Guichard. The survey shows that 48.5 percent believe that stocks will fall in the next 12 months.
US: First deal in place – won't say which country
The US has a trade deal in place with one country, Commerce Secretary Howard Lutnick told CNBC. He explained that he could not name it as he is waiting for approval from the country in question before the parties can announce progress.
He also said that the stock market is wrong about the effect of the tariffs and that the market is failing to see the "whole picture". Lutnick also reiterated the message that Donald Trump "is not focused on the stock market".
Lowest consumer confidence in the US since the pandemic
The US household confidence indicator fell to 86.0 in April compared to 92.9 in March, according to the Conference Board's monthly survey. This is reported by the AP.
The expectation was 87.5 according to the Trading Economics consensus estimate.
- Consumer confidence fell for the fifth consecutive month in April and reached levels not seen since the beginning of the pandemic, comments Stephanie Guichard, economist at the Conference Board.
The organization states that tariffs are mentioned a record number of times in the free text responses.
Otherwise, the high volatility on the stock market was behind the loss of confidence, according to Guichard. The survey shows that 48.5 percent believe that stocks will fall in the next 12 months.
US: First deal in place – won't say which country
The US has a trade deal in place with one country, Commerce Secretary Howard Lutnick told CNBC. He explained that he could not name it as he is waiting for approval from the country in question before the parties can announce progress.
He also said that the stock market is wrong about the effect of the tariffs and that the market is failing to see the "whole picture". Lutnick also reiterated the message that Donald Trump "is not focused on the stock market".
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