Sweden's Volvo Cars to cut 3,000 jobs as part of major cost-cutting drive

Sweden-based automaker Volvo Cars on Monday said it would cut around 3,000 jobs as part of a major cost-cutting drive.

The move comes after the company, which is owned by China's Geely Holding, announced an 18 billion Swedish kronor ($1.89 billion) cost and cash action plan late last month.

Volvo Cars said at the time that the program would include reductions in investments and redundancies at its operations across the globe.

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