Volvo Car to Lay off 2,500 Jobs Globally to Cut Indirect Costs

02:43 AM EDT, 10/23/2026 (MT Newswires) -- Volvo Car (VOLCAR-B.ST), d/b/a Volvo Cars, plans to cut 2,500 jobs globally as it looks to save an additional 5 billion kronor in indirect spend and variable costs. The automaker stated Friday that it will achieve these reductions by ending consultant contracts, relying on natural attrition, and offering targeted exit packages. Of the 2,500 global job cuts announced, 2,000 positions are based in Sweden. The move will reduce its overall indirect spend by 25% by the end of 2027, when the full financial effects are expected to be realized, compared with the 2024 levels.