Volvo Cars, a subsidiary of Geely Holding, the parent company of GEELY AUTO (00175.HK) +0.240 (+1.361%) Short selling $117.68M; Ratio 12.414% , announced that it would sack 3,000 employees, primarily office staff, as part of a restructuring plan to address high costs, slowing demand for electric vehicles, and trade uncertainties.Last month, Volvo Cars had announced a plan to cut costs by SEK18 billion (approximately USD1.9 billion), which included massive reductions in office staff, who made up 40% of the total workforce.Related NewsCLSA: Meager Orders Prompt CN Automakers to Cut Prices Again; Top Pick BYDVolvo Cars stated that this layoff will account for about 15% of office staff, mainly concentrated in Gothenburg, Sweden, affecting almost all departments such as R&D, communications, and human resources, and will incur a one-time restructuring cost of SEK1.5 billion.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-29 12:25.)