Volvo will axe jobs across its global network as part of a wide-reaching drive cost-cutting drive in response to "external headwinds" hampering its performance.
The Swedish brand today announced a SEK 18 billion (£1.4bn) saving strategy that will result in "redundancies at its operations around the globe" but has yet to confirm the locations and the number of jobs impacted.
Volvo said it was striving "to protect profitability and drive structural efficiencies on direct and indirect costs, as well as helping to offset external headwinds" and that most of the effects will be realised next year.
