Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Swedish car manufacturer Volvo Cars is opening a new office in Stockholm and is looking for a tech team of 700 employees. New roles will be in software technology, computer science, product management, online sales, and user experience. Volvo has decided that it no longer wants to rely on external developers but wants to have internal control of both the hardware and the software development: nowadays cars require more and more software systems, and they are interlinked to apps and other digital platforms, moreover goals in terms of online sales are continuously increasing. The company aims to increase its share of in-house software development to 25% by 2025, from 10% today.
The new office will be an extension of Volvo Cars current offices in central Stockholm. It is expected to be completed before the start of summer 2022 and fully staffed by the end of the year. The company hopes that the new tech hub will attract hundreds of international digital talents.
Volvo Cars is a Swedish manufacturer of cars and the largest Swedish company in terms of turnover. The majority owner of the company is the Chinese Zhejiang Geely Holding Group. In 2020 the company had 40,000 employees in Sweden and 96,194 employees worldwide.
Previous business expansion in Sweden is recorded in the ERM database in 2021, with 200 new jobs in Torslanda (Volvo Cars-2021-SE).
Eurofound (2022), Volvo Cars, Business expansion in Sweden, factsheet number 106474, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106474.
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