Volvo shutters Singapore research hub after 8 months; 14 staff affected

[SINGAPORE] Volvo Cars has shuttered its satellite research and development (R&D) office in Singapore, around eight months after it opened.

The Swedish carmaker confirmed the closure of the Volvo Tech Hub Singapore – which employed 14 staff – in a statement to The Business Times on Friday (Sep 26).

The closure “reflects the turbulence in global markets and the challenging external environment facing the automotive industry at large”, it said. In response to this, it has “initiated an accelerated cost and cash action plan designed to drive long-term structural efficiencies across the organisation”.