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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.10 - Manufacture of motor vehicles
1,200 - 1,300 jobs Number of planned job losses
Announcement Date
4 May 2023
Employment effect (start)
4 May 2023
Foreseen end date
Description
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.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
