Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com, May 12 (Xinhua)-- Polar, a Swedish electric carmaker, will cut 10% of its jobs worldwide and has frozen hiring.

The company informed employees of the upcoming layoffs at a recent financial meeting, but did not say when or which departments would be affected. Johan Malmqvist, the company's chief financial officer, said the company was working to reduce operating expenses. Malmqvist noted that the company was "taking targeted measures against our workforce", adding that "based on the current macroeconomic environment, the company is looking to control costs."

Polar Star is an electric car maker based in Gothenburg, Sweden, which is jointly owned by Volvo and Geely Holdings. CTOnews.com checked the financial report of Polar Star in the first quarter of this year and learned that its vehicle delivery in the first quarter reached 12076, an increase of 26% compared with the same period last year. Production this year is expected to be between 60,000 and 70,000 vehicles, up 16 per cent from 51491 last year.

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