On Wednesday, the nine millionth Volvo rolled off the line at Volvo's plant in Torslanda. The factory will now be rebuilt for just over SEK 10 billion to manufacture only electric cars.
Volvo Cars posted an operating profit of SEK 5.1 billion for the first quarter of the year. But despite the crush in profits, it was recently announced that Volvo Cars is cutting its workforce by 1,300 positions. "It has been a tough economic time with increased competition," said Maria Dagman, press spokesperson.