Chinese-owned Volvo Cars to cut 3,000 jobs

Volvo Cars, owned by Chinese group Geely Holding, is set to reduce 3,000 jobs mainly in Sweden due to challenges like tariffs, material costs, and lagging sales. The company cites a "challenging period" in the industry as the reason for these layoffs to build a stronger business. Volvo Cars aims for full electrification by 2030 but scaled back due to uncertainties like EV tariffs.