Volvo to lay off 3,000 employees in white-collar cutback: Report

Swedish automaker Volvo Cars is planning to lay off around 3,000 employees, mostly in white-collar department, as part of a restructuring it had announced in April, reports stated. The move will affect around 1,200 positions from its Sweden unit and nearly 15% of its total office staff. The decision follows a slowdown in electric vehicle demand and global trade uncertainty.