Volvo Cars plans to cut 3,000 jobs globally to address rising costs and market challenges.

Sweden-based Volvo Cars plans to cut 3,000 jobs, mostly office positions, to address cost challenges in the automotive industry. Around 1,200 of these job reductions will be in Sweden, with another 1,000 consultant positions also being eliminated, mostly in Sweden. The cuts are due to trade tensions, higher raw material costs, a diminished European car market, and U.S. tariffs on imported cars and steel. Volvo Cars, owned by China's Geely, has 42,600 full-time employees.