Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Volvo Personvagnar AB and Volvo Cars announced on 4 May 2023 that they will lay off 1100 workers from Personvagnar's global operating unit, and an additional 200 workers from the legal units within Volvo Cars. This represents about 6% of their total workforce in Sweden.
The background is increased competition and higher material costs, and the decision to lay workers off is a part of Volvo Cars ambition to increase their efficiency and to produce only electric vehicles by the year 2030.
Update 09/10/2023: Volvo Cars announced the lay off of an additional 19 people, all white-collar workers, at its plant in Olofström, Sweden.
Update 16/10/2023: In mid October the company announced, that negotiations had resulted in the lay-off of in total 700 white-collar workers, which is about 5 percent of all white-collar workers at the company. In addition, between 500 and 600 consultants will have to end their work at Volvo Cars.
Eurofound (2023), Volvo Cars, Internal restructuring in Sweden, factsheet number 108892, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108892.