A total of 3,000 jobs will be lost worldwide, according to the Gothenburg-based company, which is controlled by the Chinese Geely Group.
In a statement, in which he announced talks with unions, Volvo chief executive Hakan Samuelsson said some tough decisions had to be made.
Volvo announced at the end of April, when it reported weak first-quarter figures, that jobs would be cut and that a total of 18 billion Swedish kronor (just under US$1.9 billion) would be saved through other measures.
Volvo focused early on pure battery electric vehicles (BEVs) and has suffered from high costs for battery materials in recent years.
Recently, the sales environment has become tougher and the company is currently unable to provide a detailed financial forecast due to uncertainty over US tariffs.
In the first quarter, the share of pure electric cars at Volvo was 19 per cent, two percentage points lower than a year earlier.
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