Volvo Cars to cut 3,000 jobs in restructuring

STOCKHOLM, May 26 (Reuters) - Sweden-based Volvo Cars VOLCARb.ST said on Monday it will cut 3,000 jobs as part of a restructuring announced last month as it grapples with high costs, a slowdown in electric vehicle demand and uncertainty over trade tariffs.

Volvo Cars, which is majority-owned by China's Geely Holding GEELY.UL, on April 29 unveiled a programme to slash costs by 18 billion Swedish crowns ($1.9 billion) and hit the brakes on investments, warning that redundancies were inevitable.

In the first quarter, the auto maker had 43,500 full-time employees and 3,000 staffing agency personnel, according to its earnings report.

($1 = 9.4829 Swedish crowns)