Chinese-owned Volvo Cars to cut 3,000 jobsThe global motor industry is facing a number of major challenges including US President Donald Trump's 25% tariffs on imported cars, higher cost of materials and slower sales in Europe. Last month, Volvo Cars, which is owned by Chinese group Geely Holding, announced an 18 billion Swedish kronor ($1.9bn; £1.4bn) "action plan" shake-up of the business. Sweden-based car maker Volvo Cars says it will cut around 3,000 jobs as part of its cost-cutting measures. The chief executive of Volvo Cars, Håkan Samuelsson, pointed to the "challenging period" faced by the industry as a reason for the layoffs. Volvo Cars has its main headquarters and development offices in Gothenburg, Sweden.