[Volvo Cars to Lay Off Nearly 3,000 Employees Globally] Volvo Cars announced on May 26 that it would lay off employees globally as part of its recently launched cost and cash action plan. The action plan, costing SEK 18 billion (approximately US$1.9 billion), aims to streamline the organization and structurally reduce the cost base, equivalent to cutting around 3,000 positions, including consultants, across Volvo Cars' global operations. The layoffs will primarily affect the company's office-based job titles in Sweden, accounting for approximately 15% of its global office workforce. Volvo Cars expects to incur one-time restructuring costs of up to SEK 1.5 billion.