Volvo Cars to cut 2,500 jobs globally to save $504.5 mn in costs

Volvo Cars laid out a plan to cut about 6% of its global workforce, or an additional 2,500 jobs, after already cutting 3,000 roles earlier this year. The decision to shed even more jobs this year in hopes of reducing costs by about $504.5 million. The carmaker posted a far bigger-than-expected third-quarter operating loss and doubled its cash burn year-on-year.