Economy

Volvo Cars future
Volvo Cars CEO: Difficult decision in challenging period

As part of a cost-cutting program, Volvo Cars will save 18 billion kronor and cut 3,000 jobs. These have been difficult – but important – decisions to make, says new CEO Håkan Samuelsson in a comment.

– The automotive industry is in a challenging period. To manage this, we must improve our cash flow generation and structurally lower our costs.

The exact number of jobs that will be lost will be determined in the near future, when work on the new structure is completed.

Unions about the major announcement: There has been great concern – more than expected

It was known that Volvo Cars would cut staff, but not exactly how many would be affected. Now that it is clear that around 3,000 people, the majority of whom are in Sweden, will have to go, it is very sad. This is what Kristina Tullgren, club chairwoman of the Swedish Engineers/Academics, tells GP.

She states that there has been great concern among the members.

– At the same time, we can understand that the company has to do something, says Tullgren, adding that it is a difficult situation for the entire industry.

Around 2,000 jobs will be affected in Sweden, says Unionen's club chairwoman Jörgen Olsson to Expressen. He also states that the announcement was expected, but that the scope was probably greater than feared.

– It is sad news.

Volvo Cars cuts 3,000 jobs – mainly in Sweden

Volvo Cars is cutting around 3,000 jobs globally, according to a press release. This is part of the cost-saving program of 18 billion kronor that was presented in connection with the latest interim report.

The layoffs are primarily expected to affect Swedish office-based jobs. Of the approximately 3,000 positions, around 1,000 are consultancy roles – the majority of which are in Sweden. In addition, around 1,200 permanent positions will disappear within the Swedish operations. This means that more than half of the affected roles are in Sweden. The remaining positions that are affected are employees in Volvo Cars' other global markets.

"These structural changes are necessary for Volvo Cars to be able to deliver on its long-term strategy and strengthen the conditions for profitable growth," the press release states.

Crypto market
Sources: Trump Media to buy crypto for billions

The Trump family's media company Trump Media, which owns the app Truth Social, plans to raise $3 billion in new capital. This is reported by six sources to the Financial Times. According to the information, the money will be used to invest in cryptocurrencies.

The capital round and the investment could be announced ahead of this week's crypto fair in Las Vegas, where Donald Trump and JD Vance as well as sons Donald and Eric Trump will speak.

Trump Media writes that “the Financial Times clearly has stupid reporters who listen to even stupider sources”.

European security policy
Tracking boom also below the surface: “Up to us Europeans”

Italian shipbuilding giant Fincantieri predicts that the defense boom in Europe will also spread below the water surface. In an interview with the Financial Times, CEO Pierroberto Folgiero points to, among other things, the increased number of attacks on underwater cables.

The state-owned shipbuilder predicts that the underwater division’s revenue will double in two years.

– The Mediterranean has always been full of Russian and American submarines. Now it is up to us Europeans to take responsibility for our underwater defense, Folgiero tells FT.

Power outage on the Iberian Peninsula
Scientist: Spanish electricity chaos could become a threat here too

Increased share of electricity from weather-dependent power outages has made the Swedish electricity system less stable, three researchers write on DN Debatt. They call for a more holistic perspective in Swedish energy policy, including taking the balance of the system into account.

“When large parts of the Iberian Peninsula were recently shut down after a dramatic power outage, the consequences became immediately visible,” they write, continuing:

“Sweden is heading in a similar direction.”